The shares of business intelligence firm MicroStrategy have surged by nearly 16%, reaching an intraday high of more than $212 per share.
The company's market cap has now swelled to nearly $43 billion following the recent price surge.
Earlier today, MicroStrategy co-founder Michael Saylor made waves with a social media post stating that the cars of the future will be powered by Bitcoin. This coincided with Tesla's long-awaited robotaxi presentation, which ended up being a flop.
Gamza KhanzadaevMicroStrategy owns $15.8 billion worth of Bitcoin at current prices, according to the most recent data.
Earlier this Friday, the price of Bitcoin managed to reclaim the $63,000 level in a big win for the bulls. The cryptocurrency has surged by as much as 6% over the past 24 hours.
The company's shares are up a whopping 231% on a year-to-date basis, substantially outperforming Bitcoin. For comparison, the largest cryptocurrency is up less than 50% over the same period of time.
Following the most recent rally, MicroStrategy came closer to overtaking Coinbase, the largest U.S. cryptocurrency exchange. The latter boasts a market cap of roughly $44 billion after its shares also surged by an impressive 7%.
Despite its impressive gains, it is unlikely that MicroStrategy will eventually make it to the S&P 500 due to the inconsistency of its revenues and earnings. Earlier today, the company was added to the MSCI World Index.
During a recent interview with Bernstein, Saylor stated that he wanted to turn MicroStrategy into a trillion-dollar company by turning it into the leading "Bitcoin bank." For this to happen, the Bitcoin price would need to surge to "millions" per coin.
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov
U.Today Editorial Team