The Best-Performing Crypto Stock of 2024

Business intelligence firm MicroStrategy Inc., currently the largest institutional holder of Bitcoin, was among the best-performing cryptocurrency stocks of 2024, according to The Block.

The company’s shares rose 402% during the year, pushing the company’s market value to $83 billion. This continued MicroStrategy’s trend of buying more Bitcoin (BTC) in 2024.

According to reports dated December 23, the firm currently owns 444,262 BTC, worth over $45 billion at today’s prices. BTC’s extraordinary 120% price increase in 2024, spurred by market boosters such as the Spot Bitcoin ETF approval, BTC halving in April, and geopolitical confirmations of the asset class, played a significant role in the firm’s holdings.

According to Coingecko, the S&P 500 index is up 26 percent, clearly reflecting a positive macro environment, and BTC’s price is up 129 percent, marking a negative development for crypto-related stocks.

Other big winners in the crypto space included Core Scientific, up 307%, which signed a major 12-year contract with AI hyperscaler CoreWeave, according to The Block. Terawulf is up 142% as of September 30, with self-mining hashrate capacity increasing 100% year-on-year to 10.0 EH/s.

Bitdeer Technologies saw a 122% increase as the firm’s push to incorporate mining hardware it produces into its operations has made it one of the most vertically integrated companies among publicly traded BTC miners.

MicroStrategy to acquire more capital stock

MicroStrategy also stated that it will hold a shareholders meeting in early 2025. The main proposals put to vote at the meeting include increasing the number of authorized Class A common shares and increasing the number of authorized preferred shares. These developments come as the company rolled out its 21/21 plan, which seeks a total of $42 billion from $21 billion in equity capital and an additional $21 billion in fixed income instruments. Chairman Michael Saylor said he sees these offerings as vital to MicroStrategy’s growing presence as a BTC treasury company and could pave the way for further growth.