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.
Vladislav Sopov
Dan Burgin