Micro Strategy Co., Ltd. MSTR Founder and CEO said this as the company closed as the sixth-most traded stock on Wall Street on Friday. michael saylor To celebrate by coining the term “Magnificent 8.”
what happened: On Sunday, Saylor took on the X and turned heads. Bitcoin BTC/USD The development company's latest feat.
MicroStrategy posted $5.8 billion in trading volume on Friday, ranking second only to giant technology companies such as: tesla company. TSLA, Nvidia Inc. NVDA, apple company AAPL, Microsoft Corporation MSFTand Meta Platforms Co., Ltd. Meta.
Additionally, MicroStrategy volumes are Amazon.com Inc. AMZN and Alphabet Co., Ltd. google googlethe other two members of the “Magnificent 7”.
As is well known, the term “Magnificent 7” refers to a group of seven high-performing and influential American companies. These seven stocks alone have a total market capitalization of $16.5 trillion.
The term “Magnificent 8”, coined by Thaler, was intended to reflect MicroStrategy's growth, which outpaced the “Magnificent 7” companies with year-to-date (YTD) returns of 238%.
Five of the seven tech giants are scheduled to report third-quarter results later this week, with Tesla releasing numbers last week and Nvidia expected to report financials in November.
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why is it important: The surge in trading volumes occurred amidst MicroStrategy's Bitcoin strategy, sparking interest from companies with much larger valuations.
Last week, Microsoft shareholders proposed investing in Bitcoin, citing the example of MicroStrategy's stock outperforming the tech giant in 2024.
MicroStrategy adopted Bitcoin as its primary reserve asset in 2020, becoming the first publicly traded company to pursue this strategy. The company has doubled its Bitcoin purchases and now has more than $17 billion in Bitcoin on its books, according to bitcointreasuries.net.
Price action: At the time of writing, Bitcoin was trading at $68,289.13, up 2.06% in the past 24 hours, according to data from Benzinga Pro. MicroStrategy stock closed 0.66% lower at $234.34 on Friday.
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