Key Points
- MicroStrategy Inc. has emerged as the best-performing cryptocurrency stock in 2024, with its market cap reaching $83 billion.
- The firm currently holds approximately 444,262 BTC, valued at over $45 billion.
In 2024, business intelligence firm MicroStrategy Inc. outperformed other cryptocurrency stocks, becoming the largest corporate holder of Bitcoin. Its stock surged by up to 402% during the year, driving its market cap to a staggering $83 billion.
This growth trend aligns with MicroStrategy’s consistent acquisition of more Bitcoin throughout 2024.
Bitcoin’s Role in MicroStrategy’s Success
Reports from December 23 reveal that the company now owns nearly 444,262 BTC, which, at current prices, is worth more than $45 billion. This substantial increase in value can be attributed to Bitcoin’s impressive 120% price rally in 2024. Factors contributing to this rally include the approval of a spot Bitcoin ETF, Bitcoin’s halving in April, and various geopolitical endorsements of the asset class.
According to Coingecko, the S&P 500 index rose by 26%, indicating a positive macro environment. Bitcoin’s price was a significant factor in the success of crypto-linked stocks, which saw a 129% increase.
Other Crypto Stock Performers
Other notable performers in the crypto sector include Core Scientific, which experienced a 307% surge after securing a significant 12-year contract with AI hyperscaler CoreWeave. Terawulf also saw a 142% increase due to its yearly growth in self-mining hashrate capacity to 10.0 EH/s as of September 30. Bitdeer Technologies, a publicly listed Bitcoin miner, saw a 122% increase thanks to its strategy of integrating its mining rigs into its operations.
MicroStrategy’s Future Plans
MicroStrategy has announced plans for a shareholder meeting in early 2025. The meeting will consider proposals to increase the number of authorized class A common shares and raise the number of authorized preferred shares. This is part of the company’s 21/21 plan, which aims to raise a total of $42 billion from $21 billion in equity and an additional $21 billion in fixed-income instruments. According to chairman Michael Saylor, these proposals are crucial for MicroStrategy’s growing role as a Bitcoin treasury company and could potentially spur further growth.
