NewsletterMicroStrategy’s MSTR and ETFs Surpass Entire UK Stock Market’s Trading Volumes
Highlights
- MicroStrategy (MSTR) stock has hit an all-time high of $474 clocking daily trading volume of $32 billion.
- MSTR-linked inked ETFs, MSTU and MSTX, added $6 billion in volume, outpacing all spot Bitcoin ETFs combined.
- MSTR was Wall Street's second-most traded stock on Wednesday, trailing only Nvidia (NVDA) and outperforming the Magnificent 7.
MicroStrategy stock MSTR smashed record trading volumes on Wednesday, ending the session 10.05% high and hitting a new all-time high of $474. Additionally, the MSTR-linked ETFs have clocked huge trading volumes while single-handedly dominating the market activity in the Bitcoin industrial complex. Yesterday. MSTR was the second-most traded stock on Wall Street after Nvidia.
MicroStrategy’s MSTR Is Ruling Wall Street
The Bitcoin Industrial Complex achieved a significant milestone, recording $50 billion in trading volume in a single day. This is equivalent to the average daily volume (ADV) of the entire UK stock market, as per to Bloomberg ETF strategist Eric Balchunas.
The firm (MSTR) led the surge with an impressive $32 billion in trading volume. Meanwhile, the MicroStrategy spot ETFs, T-Rex 2X Long MSTR Daily Target ETF (MSTU) and Defiance’s 2X long ETF (MSTX), collectively accounted for $6 billion, surpassing the volume of all spot Bitcoin ETFs combined.
Since the launch in mid-September this year, the MSTU share price has surged by a staggering 906% while the MSTX share price has surged by 743%. At the same time, the MSTR stock price is up by 591% year-to-date.
MSTR closed Wednesday as the second-most traded stock on Wall Street after NVDA, driven by heightened market interest following its recent Bitcoin acquisitions. Besides, it managed to beat all of the “Magnificent 7” group stocks including the likes of Apple (AAPL), and Tesla (TSLA).
Bitcoin Buying Activity Supports The Mega Show
Earlier this week, MicroStrategy revealed the acquisition of 51,780 Bitcoin for approximately $4.6 billion, marking one of its largest purchases to date.
The company now holds a total of 331,200 BTC, acquired at a cumulative cost of roughly $16.5 billion. At current market prices, this Bitcoin stash is valued at over $31 billion. However, MSTR value has exceeded $96 billion with shareholders enjoying a greater premium.
Speaking on this development, Bitcoin critic Peter Schiff wrote:
“The higher the price of MSTR stock, the more shares Michael Saylor can sell. The more shares he sells, the more Bitcoin he can buy. The more Bitcoin he buys, the higher the Bitcoin price rises. When the price of Bitcoin goes up, the share price of MSTR goes up more. When does it end?”
Citing his massive difference between BTC holdings and valuation, even some players from the crypto industry have been calling out the hype.
$MSTR is slightly getting hyped compared to its #Bitcoin holdings. pic.twitter.com/2C72BUdzoi
— Ki Young Ju (@ki_young_ju) November 21, 2024
Earlier today, Bitcoin price rallied to its new all-time high to $97,500 with bulls looking forward to $100K levels. Analysts expect that the BTC price rally won’t be ending anytime soon as it can continue all the way to $135,000 levels.
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