MicroStrategy (MSRT) continues to perform well in the market and its shares set a new all-time high.
This event took place yesterday, November 11, when the company’s shares reached levels not seen since 2000 (not adjusted for inflation), reaching a price of $353.
This represents an impressive 720% increase from $43 at the beginning of the year.
The impetus behind this growth is the strategy adopted by MicroStrategy, a company led by Michael Saylor, who has bet heavily on bitcoin (BTC).
This firm has established itself as the publicly traded entity with the greater holding of this crypto asset on its balance sheetwhich has been key to the rise of its value in the market.
In its most recent move, MicroStrategy announced the acquisition of an additional 27,200 BTC, raising its total to approximately 278,000 bitcoin, as reported by CriptoNoticias.
This volume It is equivalent to 1 in every 75 bitcoins that will be issued, considering the limit of 21 million BTCwhich positions the company as a significant force in the bitcoin ecosystem.
MicroStrategy’s vision is not limited to accumulating bitcoin as a store of value, but rather promotes the exposure and adoption of this digital asset as a fundamental part of its corporate policy.
This position is aligned with the bullish behavior of bitcoin, which has reached new all-time highs of $89,000, as seen in the chart TradingView. This has also sent the company’s stock soaring.
MicroStrategy was not the only winner
But MicroStrategy was not the only winner on this day. Other companies linked to the cryptocurrency sector also benefited from the boost that bitcoin gave to the digital asset market.
Shares of Marathon Digital (MARA), the world’s largest Bitcoin mining company, for example, rose 29% in 24 hours, as seen in the following graph. TradingView.
While Riot Platforms (RIOT) and Bit Digital (BTBT) registered increases of 16% and 26%, respectively. Likewise, the Coinbase exchange (COIN), responsible for 90% of the BTC custody that backs company ETFs in the United States, recorded a 19% increase.
This boom in prices and activity has given rise to the analyst Eric Balchunas Bloomberg Intelligence calls the collection of ETFs, MicroStrategy and Coinbase the “Bitcoin industrial complex.”
Together, this group of actors experienced a record volume of operations yesterday, with a total of 38,000 million dollars transacted in a single dayas seen in the following graph.
This volume, according to Balchunas, indicates a “solid week of capital inflows,” and he himself has referred to the day as “Volmageddon,” a term that combines the words “volume” and “Armageddon” to describe marked market events. due to very high volatility and rapid price changes.
