Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR).
Self-described bitcoin (BTC) development company MicroStrategy (MSTR) has just breached into the top 100 U.S. publicly traded companies, currently sitting in 97th place.
The company jumped 29 places on Tuesday's performance, which saw a 12% price surge through $400 a share, now trading at $430, just as the market closed. The impressive performance coincided with bitcoin hitting new all-time highs of over $94,000.
MicroStrategy has been one of the main stories of 2024, as it has soared over 500% year-to-date, with bitcoin up over 100% in the same time frame.
The most impressive stat is that in five years, MicroStrategy has outperformed NVIDIA (NVDA) even though MSTR only adopted bitcoin as a treasury asset in August 2020. MicroStrategy is up 2,739%, while NVIDIA is up 2,688%.
As of Nov. 18, MicroStrategy held 331,200 bitcoin, which would make their current stash worth over $30 billion.
The developments keep coming for the largest publicly traded bitcoin company. On Nov. 18, MicroStrategy announced a $1.75 billion convertible senior note at a 0% coupon. The note will mature on December 1, 2029, it can be repurchased or redeemed earlier in accordance with the terms. It is unsecured and will not bear regular interest.
We are waiting on further developments if this convertible note has been oversubscribed, which would increase its issuance by $250 million, for a total of $2 billion.
MicroStrategy is up over 3% in pre-market trading on Wednesday.
