Bitcoin Proxy MicroStrategy Added More To Its Market Cap In Last 2 Months Than What Ford Is Worth Currently

   Bitcoin's BTC/USD bullish turn since early September has reflected well on MicroStrategy Inc. MSTR, with the proxy firm increasing its valuation by $50 billion in the last two months. What happened: Widely considered a TradFi alternative to holding Bitcoin, shares of MicroStrategy hit a record closing high, past $350, earlier this week. The surge marked the highest level for the shares since the dot-com bubble in March 2000. The rally propelled the firm's market valuation to $72.26 billion, reflecting an increase of $50 billion since Sept. 6, or 225%. Just for context, the gain was higher than the total capitalization of Ford Motor Co. F and Cognizant Technology Solutions Corp. CTSH. Year-to-date, MicroStrategy has leaped 374%, outperforming some of the hottest stocks on Wall Street, including the "Magnificent Seven." The upswing coincided with the record-breaking play of Bitcoin, which was swiftly approaching the $100,000 milestone. Since Sept. 6, Bitcoin has surged more than 60% in value. See Also: Shiba Inu Lead Developer Shytoshi Kusama Pitches S.H.I.B In Response To Elon Musk’s Call For New Roles Recommendations In Trump Administration Why It Matters: The Bitcoin portfolio of MicroStrategy—a company that has pioneered the leading cryptocurrency's corporate adoption—has ballooned past a whopping $25 billion, according to data from bitcointreasuries.net. At an average acquisition price of $11.92 billion, the firm racked up over $13 billion in unrealized profit on its Bitcoin purchases. In its third-quarter results report, the company announced plans to raise as much as $42 billion in equity and debt funding over the next three years to accumulate more Bitcoin. Price Action: At the time of writing, Bitcoin was exchanging hands at $89,917.11, up 3.06% in the last 24 hours, according to data from Benzinga Pro. Shares of MicroStrategy were up 2.87% in after-hours trading, after pulling back 7.91% during Wednesday's regular trading session. Image via Shutterstock Read Next: Cathie Wood-Led Ark Sees Boost For Bitcoin, Crypto Under Trump Administration, Says IPO Window For Circle, Kraken Could Reopen Market News and Data brought to you by Benzinga APIs © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.