MicroStrategy Inc., the business intelligence firm and largest corporate holder of Bitcoin, has emerged as the top-performing cryptocurrency stock of 2024, according to The Block.
The company’s stock surged by 402% this year, boosting its market capitalization to $83 billion. This surge is part of MicroStrategy’s ongoing strategy of acquiring more Bitcoin, which has significantly contributed to its growth.
As of December 23, MicroStrategy owns approximately 444,262 BTC, valued at over $45 billion based on current market prices. The rise in Bitcoin’s price—up 120% in 2024—was driven by factors including the approval of a spot Bitcoin ETF, April’s Bitcoin halving, and increasing geopolitical support for the digital asset. This rally has been a key factor in MicroStrategy’s remarkable performance.
In comparison, the S&P 500 index gained 26% in 2024, reflecting a favorable macroeconomic environment, while crypto-linked stocks saw a 129% increase, buoyed by Bitcoin’s strong price movement.
Other notable performers in the crypto sector include Core Scientific, which saw a 307% increase after securing a 12-year contract with AI company CoreWeave. Terawulf experienced a 142% gain, fueled by a 100% year-over-year growth in its self-mining capacity. Meanwhile, Bitdeer Technologies saw a 122% rise, driven by its efforts to integrate its mining rigs into its operations, positioning it as one of the most vertically integrated BTC miners.
Looking ahead, MicroStrategy plans to hold a shareholder meeting in early 2025, where key proposals will be voted on, including increasing the number of authorized Class A common shares and preferred shares. These changes are part of the company’s 21/21 plan, which aims to raise $42 billion by issuing $21 billion in equity and $21 billion in fixed-income instruments. According to Chairman Michael Saylor, these initiatives are crucial for MicroStrategy’s continued growth as a Bitcoin treasury company.
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