MicroStrategy (MSTR), the bitcoin-buying software company led by Michael Saylor, has hit a record $128.5 billion market cap, making it the 84th largest publicly traded U.S. company. This dramatic rise from under $2 billion five years ago is driven by its aggressive Bitcoin accumulation strategy, funded mainly through major equity sales. Since 2020, MicroStrategy has tripled its outstanding shares via at-the-market (ATM) offerings, with investors continuing to reward its pivot into the world’s largest corporate bitcoin treasury holder.
Since 2020, MicroStrategy’s outstanding shares have nearly tripled to 281.9 million, driven by organic growth, a 10-for-1 stock split in August 2024, and aggressive use of at-the-market (ATM) equity programs. The company’s three-year $42 billion capital-raising plan, announced in October, builds on a $21 billion raise earlier in 2024, primarily funding bitcoin purchases. With a treasury now holding 601,550 BTC worth over $70 billion, MSTR functions as a leveraged corporate bitcoin vehicle. Its stock, trading around $455.90, serves as a popular high-beta proxy for bitcoin exposure despite being 15% below its November 2024 peak.
