Bitcoin's (CRYPTO: BTC) bullish turn since early September has reflected well on MicroStrategy Inc. (NASDAQ:MSTR), with the proxy firm increasing its valuation by $50 billion in the last two months.
What happened: Widely considered a TradFi alternative to holding Bitcoin, shares of MicroStrategy hit a record closing high, past $350, earlier this week. The surge marked the highest level for the shares since the dot-com bubble in March 2000.
The rally propelled the firm's market valuation to $72.26 billion, reflecting an increase of $50 billion since Sept. 6, or 225%. Just for context, the gain was higher than the total capitalization of Ford Motor Co. (NYSE:F) and Cognizant Technology Solutions Corp. (NASDAQ:CTSH).
Year-to-date, MicroStrategy has leaped 374%, outperforming some of the hottest stocks on Wall Street, including the "Magnificent Seven."
The upswing coincided with the record-breaking play of Bitcoin, which was swiftly approaching the $100,000 milestone. Since Sept. 6, Bitcoin has surged more than 60% in value.
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Why It Matters: The Bitcoin portfolio of MicroStrategy—a company that has pioneered the leading cryptocurrency's corporate adoption—has ballooned past a whopping $25 billion, according to data from bitcointreasuries.net.
At an average acquisition price of $11.92 billion, the firm racked up over $13 billion in unrealized profit on its Bitcoin purchases.
In its third-quarter results report, the company announced plans to raise as much as $42 billion in equity and debt funding over the next three years to accumulate more Bitcoin.
Price Action: At the time of writing, Bitcoin was exchanging hands at $89,917.11, up 3.06% in the last 24 hours, according to data from Benzinga Pro. Shares of MicroStrategy were up 2.87% in after-hours trading, after pulling back 7.91% during Wednesday's regular trading session.
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