MicroStrategy Overtakes Tesla, Nvidia as America’s Most Traded Stock

By José Oramas November 21, 2024 In Bitcoin, Cryptocurrency, Microstrategy

Source:AdobeStock

MicroStrategy’s market capitalisation has reached US$100B, nearing Intel’s US$102 billion valuation, driven by aggressive Bitcoin acquisitions totaling US$40 billion.
On November 20, MicroStrategy became the most traded US stock, surpassing Tesla and Nvidia, highlighting its growing market impact.
Michael Saylor plans to advocate for Bitcoin investment in a presentation to Microsoft’s board on December 10, which coincides with a shareholder vote.

MicroStrategy’s market capitalisation has surpassed US$100B (AU$153B), placing the company on track to overtake Intel, a key player in the semiconductor industry, which has a valuation at approximately US$102B (AU$155B) as of November 21.

Recently, MicroStrategy reported its largest Bitcoin purchase, acquiring 51,780 BTC for US$4.6B in a week. This brings its total holdings to roughly US$40B (AU$61B) worth of Bitcoin. As Bitcoin continues to push new all-time highs, market observers suggest that this buying spree could accelerate in the coming months.

MicroStrategy On Fire

MicroStrategy has become a major force in the financial markets. On November 20, it was the most traded stock in the United States, surpassing heavyweights like Tesla and Nvidia in trading volume.

Eric Balchunas, Senior ETF analyst at Bloomberg, said GameStop was the last to do such a thing.

Wow $MSTR is the most traded stock in America today.. to best $TSLA and $NVDA is crazy. It's been years since a stock has traded more than one of those two (it may have actually been $GME to last do it). It's also about double $SPY! Wild times.. pic.twitter.com/bUr8nycMX3
— Eric Balchunas (@EricBalchunas) November 20, 2024

This comes as MicroStrategy Chairman Michael Saylor, known for its aggressive Bitcoin-hoarding strategy, is set to deliver a three-minute presentation to Microsoft’s board of directors to advocate for Bitcoin as an investment.

The proposal will be voted on December 10, highlighting MicroStrategy’s use and investment in Bitcoin and the coin’s significant market performance. According to the National Center for Public Policy Research (NCPPR), MicroStrategy’s stock has outperformed Microsoft’s by over 300% this year, despite the former generating far less revenue.

Microsoft’s board has recommended voting against the proposal, citing its current practice of evaluating a broad range of investment opportunities, including Bitcoin. However, Ethan Peck, deputy director of NCPPR’s Free Enterprise Project, noted that conducting an assessment without committing to Bitcoin could place Microsoft in a difficult position.

The board, chaired by Satya Nadella and composed of executives from major corporations such as Disney, Citigroup, and Wells Fargo, will face increasing scrutiny as the vote approaches.

Saylor views the proposal as part of a larger conversation that other corporations should consider. He suggested that companies like Apple, Google, and Meta—known for their substantial cash reserves—should evaluate Bitcoin to preserve shareholder value.