In a remarkable display of market activity, MicroStrategy Inc. (MSTR) ended Friday as the sixth-most traded stock on Wall Street, a feat celebrated by its founder and CEO Michael Saylor who coined the term ‘Magnificent 8.’
This surge in trading volume, reaching a staggering $5.8 billion on Friday, surpassed even tech giants like Tesla Inc. (TSLA), Nvidia Corp. (NVDA), Apple Inc. (AAPL), Microsoft Corp. (MSFT), and Meta Platforms Inc. (META). MicroStrategy’s volume even outperformed Amazon.com Inc. (AMZN) and Alphabet Inc. (GOOG, GOOGL), the remaining members of the traditional ‘Magnificent 7.’
The ‘Magnificent 7’ is a well-known group of seven high-performing and influential U.S. companies, boasting a combined market capitalization of $16.5 trillion. Saylor’s ‘Magnificent 8’ reflects MicroStrategy’s growing stature, particularly after its impressive 238% year-to-date (YTD) gain, outperforming the ‘Magnificent 7.’
This surge in trading activity coincides with MicroStrategy’s bold Bitcoin strategy, which has piqued interest from companies with significantly larger valuations. Just last week, Microsoft shareholders proposed investments in Bitcoin, citing MicroStrategy as a model for success, particularly given its outperformance of the tech giant in 2024.
MicroStrategy’s commitment to Bitcoin as its primary reserve asset, initiated in 2020, made it the first publicly listed company to adopt this strategy. The company has since doubled down on its Bitcoin purchases, holding over $17 billion worth of the digital asset on its books, according to bitcointreasuries.net.
This remarkable surge in trading volume and Saylor’s ‘Magnificent 8’ declaration underscores the growing influence of Bitcoin and the potential for companies embracing similar strategies. While the Bitcoin market continues to fluctuate, MicroStrategy’s success suggests that the future of finance may hold significant opportunities for those willing to embrace the digital revolution.