The company's market cap this week rose to more than three times the amount of bitcoin it held.
One The most impressive stock market runs in history took a breather at least for a moment. Thursday, with Bitcoin Development Company MicroStrategy’s (MSTR) loss was in double digits, even though the price of Bitcoin (BTC), a digital currency, surged to new highs just shy of $100,000.
At MicroStrategy’s session ended 16.2% lower than the previous one, with a point drop of over 20%. The The move isn’t more than a blip in the long-term chart. Shares are still up by more than five times for 2024, and nearly eight times compared to the level one year ago.
“MicroStrategy’s [valuation] has completely detached from bitcoin fundamentals,” Writer Citron Research’s Andrew Left Earlier in the day. Former bull on the stock, who recommended four years earlier that investors buy MicroStrategy to get long bitcoin. Left He said that he is still bullish on BTC, but has hedged his position by shorting MSTR.
Of MicroStrategy’s valuation was yesterday and earlier on Thursday The total value of the bitcoins in its balance sheet surpassed $100 billion. This is more than three times that amount ($32.5billion at the current exchange rate near $98,000). With MicroStrategy’s market cap is now at about $80 billion, a drop of around 20% from today’s price.
“MicroStrategy has officially met my criteria for a textbook parabolic short,” Write well-followed technologist Bracco Prior to the opening of the market on X Thursday. Bracco MSTR’s dollar volumes on Wednesday The mega-cap names topped those of Nvidia You can also find out more about the following: Tesla The fifth most traded fund on the market was a leveraged ETF that was dedicated to this stock.
Writing Early Thursday In the WSJ Heard The newest way to get the best of your day Street column, Jonathan Weil Take note of the positive Flywheel Effect that has provided such a boost in recent times to the stock. The Stocks’ high valuation allows the company raise capital at favorable rates and buy bitcoin. Bitcoin The stock continues to rise. Executive Chairman Michael Saylor The team continues to buy more bitcoin And So on.
“If you want to speculate that bitcoin is heading higher, buy some,” Weil. “To go long MicroStrategy’s stock is to wager that bizarrely inefficient markets will become even more so.”
Read more: MicroStrategy Upsizes Debt Offering $2,6 Billion; Breaks Into Top 100 U.S. Public Companies By: Market Cap
Correction (14:50 UTC, Nov. 22, 2024): Updated Values of MSTR market capital and bitcoin holdings
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