Michael Saylor Praises Bitcoin as MicroStrategy Enters ‘Magnificent 8’

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

With $5.5 billion traded as of Oct. 25, the company appears to have cemented its place in mainstream finance, joining what its executive chairman calls the “Magnificent 8.”

MicroStrategy’s growing profile

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

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

On October 25, more than $5.8 billion in MicroStrategy shares changed hands, according to the data. 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 on October 28.

Shares of the business analytics platform have soared 444% over the past year, including a 244% year-to-date jump, according to Yahoo Finance.

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

Saylor suggests Bitcoin to Microsoft

Saylor recently 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 on the heels of reports that the National Center for Public Policy Research plans to present 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, boosted by its BTC holdings, MicroStrategy’s shares had outperformed Microsoft’s by 313% in the past year. This was despite the former doing only a fraction of the latter’s business.

However, Microsoft’s board has opposed the proposal, calling it “unnecessary”. They said they had already “carefully” considered the matter and felt the cryptocurrency’s volatility was not suited to “corporate treasury applications”.

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