MicroStrategy, a company known for its business intelligence software and its heavy investment in Bitcoin, is making waves in the stock market. The firm recently completed its biggest Bitcoin purchase yet, worth about $4.6 billion. This bold move has caused a significant spike in trading activity for its stock, MSTR.

On Wednesday, MSTR trading volume in dollar terms outpaced even some of the most popular assets on the market, such as SPY, a leading exchange-traded fund. This unexpected surge drew attention, with Bloomberg Intelligence's senior ETF analyst Eric Balchunas commenting on X (formerly Twitter) about how extraordinary it was for MSTR to beat out trading giants like Tesla (TSLA) and Nvidia (NVDA). According to Balchunas, it has been years since a stock outperformed both in trading volume, making this event even more remarkable.

Balchunas noted that MSTR’s trading activity was particularly impressive when measured in dollar volume, as reported by Bloomberg Terminal. While it ranked seventh in terms of shares traded, it was second in rankings from another data source, FactSet.

MicroStrategy has been following a unique approach for years: using funds from its software business and borrowing through debt sales to invest heavily in Bitcoin. Founded by Michael Saylor in 1989, the company has fully embraced Bitcoin as a core part of its strategy, and this recent purchase marks a significant milestone in its journey.