Michael Saylor praises Bitcoin as MicroStrategy enters the ‘Magnificent 8’

MicroStrategy, known for its Bitcoin (BTC) investment strategy, recently catapulted to the top spot in the US stock market, beating Amazon and Alphabet in daily trading volume for the first time.

With $5.5 billion traded as of October 25, the company appears to have cemented its place in the traditional financial sector, joining what its executive chairman calls the “Magnificent 8.”

MicroStrategy’s Growing Profile

Saylor used X to celebrate MicroStrategy’s new position, highlighting Bitcoin’s growing role in upending traditional market hierarchies.

In his post, the self-proclaimed BTC maximalist shared charts from FactSet showing that the business intelligence platform had surpassed tech giants Amazon and Google parent company Alphabet in terms of daily trading volume.

According to the data, on October 25, more than $5.8 billion in MicroStrategy stock changed hands. Amazon had a slightly lower figure of $5.5 billion, while Alphabet was less than half that of MicroStrategy, at $2.43 billion.

The company’s financial growth has been heavily influenced by its Bitcoin holdings, which total 252,220 BTC and were valued at over $17 billion as of October 28.

Shares of the business analytics platform have soared 444% over the past year, including a 244% year-to-date jump, according to Yahoo Finance.

Additionally, institutional confidence in the company was solidified when one of the world’s largest investment firms, BlackRock, which also backs BTC through its exchange-traded fund (ETF) offering, increased its stake in MicroStrategy to 5.2%.

Saylor suggests Bitcoin to Microsoft

Recently, Saylor playfully reached out to Microsoft CEO Satya Nadella, asking him to consider integrating Bitcoin into the tech giant’s business strategy.

The suggestion, which Saylor described as a “trillion-dollar opportunity,” follows reports that the National Center for Public Policy Research intended to present a proposal at the upcoming annual general meeting from Microsoft for the company to invest in the number one cryptocurrency. .

The conservative think tank highlighted how, buoyed by its BTC holdings, MicroStrategy’s stock had outperformed Microsoft’s by 313% over the past year. And this, even if the first did only a fraction of the business of the second.

However, Microsoft’s board of directors opposed the proposal, calling it “unnecessary.” They said they had already considered the matter “carefully” and believed the cryptocurrency’s volatility was not suitable for “corporate treasury applications.”