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Cryptocurrency News Articles
MicroStrategy’s Bitcoin Bet Pays Off, MSTR Stock Tops 2024 World Asset Performers With 358% Yearly Gains
Jan 03, 2025 at 07:00 pm
MicroStrategy's aggressive Bitcoin [BTC] buying spree in 2024 seems to have paid off. According to Galaxy Research, the firm's stock, MSTR, topped 2024 world asset performers with 358% yearly gains.
MicroStrategy’s aggressive Bitcoin buying spree paid off handsomely in 2024, with the firm’s stock MSTR topping the world asset performers list with a 358% yearly gain.
Galaxy Research’s data showed that MSTR shared the first spot with Palantir Technologies (PLTR), a software company that also offered data analytics solutions to cryptocurrency firms.
BTC ranked third, while Nvidia came in second. Alex Thorn, head of firmwide research at Galaxy Digital, noted that the top two performers were related to Bitcoin.
“Even on a risk-adjusted basis (sharpe), MSTR finished 1st and BTC was 3rd. 2 of top 3 assets in 2024 were Bitcoin-related,” he added.
MicroStrategy’s remarkable yearly performance was no surprise, given its founder and former CEO Michael Saylor’s status as a Bitcoin maxi who maintained that the cryptocurrency will always outshine most U.S. stocks.
To capitalize on BTC’s growth, the firm acquired a substantial amount of the cryptocurrency (446.4K BTC) and controlled 2.2% of the total supply as of late 2024.
Interestingly, the most aggressive buying spree occurred in Q4 2024. In November alone, the firm acquired over 107K BTC, to the tune of over $10B, in two transactions.
While the pace of acquisition slowed in December, the firm was set to launch a massive equity issuance program to accelerate its BTC strategy. It recently announced plans to increase MSTR’s share count to over 10 billion to achieve its targets.
It remained to be seen if MSTR's bold bet on BTC would pay off again in 2025. In the meantime, the stock was down 46% following a massive BTC sell-off during the holiday season.
Over the same period, BTC dropped from $108K to a low of $92K before attempting a rebound to $97K in early January.
However, the MSTR decline eased at the confluence of a price gap and the golden ratio 61.8% Fibonacci level (around $300).
Some market commentators believed the recent low and weak sentiment could provide the best discount for buying MSTR.
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