MicroStrategy’s Bitcoin Bet Lifts Its Market Cap Above Nearly Half of S&P 500 Firms
- Shares have more than tripled this year amid rally in Bitcoin
- Market valuation climbs higher than eBay and Delta Air
Michael Saylor
Photographer: Joe Raedle/Getty ImagesThis article is for subscribers only.
This year’s crypto rally has been so strong that a software maker, largely viewed as a Bitcoin hedge fund of sorts, now has a stock market capitalization that’s higher than nearly half of the companies in the S&P 500 Index.
Shares of MicroStrategy Inc., billionaire Michael Saylor’s enterprise-software maker that’s heavily invested in Bitcoin, are up 204% to start year, rising from $632 at the end of 2023 to $1,919 at Wednesday’s close, as the cryptocurrency sits near a record high. For perspective, stock market juggernaut and investor darling Nvidia Corp. is up 82% in 2024.