MicroStrategy Leads as Best-Performing Cryptocurrency Stock in 2024

MicroStrategy Inc., a business intelligence company and the largest corporate holder of Bitcoin, has emerged as the top-performing cryptocurrency stock in 2024, with a 402% increase in its stock value.

Market Cap Reaches $83 Billion

This significant surge has propelled the company’s market capitalization to $83 billion, solidifying its position as a major player in the cryptocurrency market. MicroStrategy’s continued Bitcoin buying spree in 2024 has contributed to its impressive performance.

As of December 23, the company holds approximately 444,262 BTC, valued at over $45 billion at current prices. The 120% price rally of Bitcoin in 2024, driven by factors such as the approval of a spot Bitcoin ETF, the BTC halving, and geopolitical endorsements, has significantly impacted the firm’s holdings.

Crypto-Linked Stocks See Substantial Gains

According to market data, the S&P 500 index gained 26% in 2024, reflecting a positive macro environment. Meanwhile, Bitcoin‘s price surge acted as a tailwind for crypto-linked stocks, resulting in a 129% increase.

Other notable gainers in the crypto space include:

  • Core Scientific, with a 307% surge, driven by a significant 12-year contract with AI hyperscaler CoreWeave.
  • Terawulf, with a 142% increase, attributed to 100% year-over-year growth in its self-mining hashrate capacity.
  • Bitdeer Technologies, with a 122% increase, resulting from its efforts to incorporate produced mining rigs into its operations.

MicroStrategy’s Plans for Future Growth

MicroStrategy has announced plans to hold a shareholder meeting in early 2025, where key proposals will be put to a vote. These include increasing the number of authorized class A common shares and raising the number of authorized preferred shares.

These developments are crucial in our growing presence as a Bitcoin treasury company, said chairman Michael Saylor.

The company is seeking a total of $42 billion, comprising $21 billion in equity and an additional $21 billion in fixed-income instruments, as part of its 21/21 plan. This move may pave the way for further growth and solidify MicroStrategy’s position in the cryptocurrency market.

For more news and updates on the cryptocurrency market, visit Global Crypto News.

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