Michael Saylor's MicroStrategy Takes Wall Street By Storm, Becomes Second-Most Traded Stock After Nvidia

Bitcoin BTC/USD holdings company MicroStrategy Inc. MSTR ended Wednesday as Wall Street’s second-most traded stock, as its large acquisitions of the world’s leading cryptocurrency piqued the market’s interest.What happened: MicroStrategy recorded volumes of $33.27 billion, trailing only artificial intelligence (AI) juggernaut Nvidia Corp. NVDA, according to data from TradingView.In fact, at one point, MicroStrategy bettered Nvidia’s trading volume.Wow $MSTR is the most traded stock in America today.. to best $TSLA and $NVDA is crazy. It's been years since a stock has traded more than one of those two (it may have actually been $GME to last do it). It's also about double $SPY! Wild times.. pic.twitter.com/bUr8nycMX3— Eric Balchunas (@EricBalchunas) November 20, 2024The Michael Saylor-led firm surpassed all other members of the “Magnificent 7” group, including Elon Musk's Tesla Inc. TSLA and Apple Inc. AAPL.See Also: Microstrategy’s Michael Saylor To Advocate For Bitcoin At Microsoft Board Meeting, Offers To Educate Rumble CEO As WellMicroStrategy accounted for nearly 64% of the trading activity of all Bitcoin-related equities on Wednesday. Additionally, funds tracking the daily performance of the MicroStrategy stock, like T-Rex 2X Long MSTR Daily Target ETF MSTU, logged higher volumes than spot Bitcoin ETFs.Senior Bloomberg ETF Analyst Eric Balchunas stated that the $50 billion volume clocked by the "Bitcoin Industrial Complex" was the same as the average daily volume of the UK stock market.The Bitcoin Industrial Complex crushed their record today with $50b in volume (for context that's same as ADV of entire UK stock mkt). $MSTR alone was $32b of it. $MSTU and $MSTX combined for $6b (which is more than all the spot btc ETFs, which were also elevated). What a scene. pic.twitter.com/o63I8jr70T— Eric Balchunas (@EricBalchunas) November 20, 2024Why It Matters: The spike in volumes comes amid MicroStrategy’s aggressive Bitcoin-buying strategy.Earlier this week, the firm announced an acquisition of 51,780 Bitcoin for approximately $4.6 billion, one of its biggest purchases ever. MicroStrategy currently holds 331,200 BTC, acquired at a total purchase price of approximately $16.5 billion, and worth over $31 billion at current market prices, according to bitcointreasuries.net.Price Action: Shares of MicroStrategy spiked 10% to close at $473.83 on Wednesday. Year-to-date, the stock was up nearly 584%, according to data from Benzinga Pro.Image via ShutterstockRead Next: Dogecoin, Bitcoin Left In The Dust By AI Meme Coin GOAT As Nvidia’s Q3 Earnings Draw Near