MicroStrategy leads cryptocurrency stocks with 402% gain in 2024

MicroStrategy Inc., the business intelligence firm and the largest corporate holder of Bitcoin has emerged as the top-performing cryptocurrency stock of 2024. The company’s stock surged by an impressive 402%, driving its market cap to $83 billion. The rise aligns with MicroStrategy’s ongoing strategy of acquiring more Bitcoin throughout the year, with the firm now holding approximately 444,262 BTC, valued at over $45 billion at current prices. The rally in Bitcoin’s price, which soared by 120% in 2024, contributed significantly to the company’s impressive performance, bolstered by factors like the approval of a spot Bitcoin ETF and geopolitical support for the digital asset.

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Alongside MicroStrategy, other crypto-linked stocks also saw significant gains, with Core Scientific rising 307%, Terawulf gaining 142%, and Bitdeer Technologies increasing by 122%. These firms benefitted from strong market conditions and strategic moves such as AI partnerships and mining expansions. However, MicroStrategy remains the standout performer, driven by its growing Bitcoin holdings.

Looking ahead, MicroStrategy is set to hold a shareholder meeting in early 2025, where it will present key proposals to increase the number of authorized shares. These proposals are part of the company’s broader plans to raise $42 billion through equity and fixed-income instruments, further cementing its position as a major Bitcoin treasury holder. Chairman Michael Saylor sees these measures as essential for the company’s continued growth and expansion in the crypto space.