Michael Saylor Lauds Bitcoin as MicroStrategy Enters the ‘Magnificent 8’

MicroStrategy, known for its Bitcoin (BTC) investment strategy, recently catapulted into the top tier of the U.S. stock market, beating Amazon and Alphabet in daily trading volume for the first time.

With $5.5 billion traded on October 25, the company seems to have cemented its place in mainstream finance, joining what its executive chairman calls the “Magnificent 8.”

MicroStrategy’s Rising Profile

Saylor took to X to celebrate MicroStrategy’s new standing, highlighting Bitcoin’s growing role in upending traditional market hierarchies.

In his post, the self-described BTC maximalist shared graphics from FactSet showing that the business intelligence platform had vaulted past tech giants Amazon and Google’s parent company, Alphabet, in terms of daily trading volume.

Per the data, on October 25, more than $5.8 billion worth of MicroStrategy stock changed hands. Amazon had a slightly lower figure of $5.5 billion, while Alphabet was less than half that of MicroStrategy, at $2.43 billion.

The company’s financial growth has been heavily influenced by its Bitcoin holdings, which total 252,220 BTC and were valued at more than $17 billion as of October 28.

It has seen the enterprise analytics platform’s stock skyrocket 444% over the past year, including a year-to-date jump of 244%, according to Yahoo Finance.

Further, institutional confidence in the company was solidified when one of the largest investment firms in the world, BlackRock, which incidentally also backs BTC through its exchange-traded fund (ETF) offering, increased its stake in MicroStrategy to 5.2%.

Saylor Suggests Bitcoin to Microsoft

Recently, Saylor playfully reached out to Microsoft CEO Satya Nadella, asking him to consider incorporating Bitcoin into the tech giant’s business strategy.

The suggestion, which Saylor described as a “trillion-dollar opportunity,” came in the wake of reports that the National Center for Public Policy Research intends to forward a proposal at Microsoft’s upcoming annual general meeting for the company to invest in the number one cryptocurrency.

The conservative think tank highlighted how, buoyed by its BTC holdings, MicroStrategy’s stock had outperformed Microsoft’s by 313% in the past year. This was despite the former only doing a fraction of the latter’s business.

However, the Microsoft board has opposed the proposal, calling it “unnecessary.” They said they had already “carefully” considered the matter and felt the volatility of cryptocurrency did not suit “corporate treasury applications.”

The post Michael Saylor Lauds Bitcoin as MicroStrategy Enters the ‘Magnificent 8’ appeared first on CryptoPotato.