Michael Saylor, a co-founder of MicroStrategy, recently used the X social media network to highlight the remarkable rise of his company’s stock, which on Friday eclipsed industry titans like Amazon (AMNZ) and Alphabet (GOOGL) in terms of trading volume.
Saylor said, “Bitcoin makes the Magnificent 8,” in his social media post.
During this week’s last trading session, MicroStrategy (MSTR) generated $5.8 billion in trading activity. In contrast, Alphabet (GOOGL) and Amazon (AMNZ) recorded $2.4 billion and $5.5 billion, respectively.
The exclusive group of IT businesses that are seen to be the most powerful US stock is represented by the Magnificent 7 stocks. The popular phrase was first popularised by well-known CNBC anchor Jim Cramer.
With $43.5 billion in trading volume, Tesla (TSLA) leads the field. With $29 billion, Nvidia (NVDA) is in second position.
The top 5 also includes Apple (AAPL), Microsoft (MSTF), and Meta (META).
Given that the company’s market is presently valued at just $47.48 billion, it is a rather remarkable accomplishment that MicroStrategy, best known as the largest corporate holder of Bitcoin, has been able to surpass some of the “Magnificent 7” companies in terms of daily trading volume.
In only the last month, MicroStrategy (MSTR) has increased by more than 22%. Compared to Bitcoin, its stock has risen by an astounding 242% so far this year.
At the moment, the business has about $17 billion in Bitcoin holdings.
