MicroStrategy is the best-performing crypto stock of the year, shares surged by 402%

MicroStrategy Inc., the business intelligence company that is now the biggest corporate holder of Bitcoin, has ranked as the best-performing cryptocurrency stock in 2024, according to The Block.

The company’s stock climbed up to 402% on the year, pushing the company’s market cap to $83 billion. This continued the trend of MicroStrategy buying more Bitcoin btc0.17%Bitcoin in 2024.

According to reports from Dec. 23, the firm currently possesses close to 444,262 BTC, worth in excess of $45 billion at present-day prices. BTC’s phenomenal 120% price rally in 2024 — spurred on by market boosters such as a spot Bitcoin ETF approval, April’s BTC halving, and geopolitical endorsements of the asset class — played an important role in the firm’s holdings.

According to Coingecko, the S&P 500 index gained 26%, reflecting a clearly positive macro environment, and BTC’s price was a tailwind for crypto-linked stocks, jumping 129%.

Other big gainers in the crypto space included Core Scientific, a 307% surge, which was awarded a significant 12-year contract with AI hyperscaler CoreWeave, as per The Block. Terawulf gained 142% on the back of 100% year-over-year growth in its self-mining hashrate capacity to 10.0 EH/s, as of Sept. 30.

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

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MicroStrategy to accquire more capital stock

MicroStrategy has further stated it will hold a shareholder meeting in early 2025. Key proposals being put to a vote at the meeting include increasing the number of authorized class A common shares and raising the number of authorized preferred shares. These developments come as the company is enacting its 21/21 plan, seeking a total of $42 billion from $21 billion in equity and an additional $21 billion in fixed-income instruments. MicroStrategy sees these proposals as vital in its growing presence as a BTC treasury company, said chairman Michael Saylor, and may pave the way for further growth.

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Tags: best-performing crypto, crypto stock, MicroStrategy, stock of the year