MicroStrategy Inc. (NASDAQ:MSTR) is making headlines as its stock climbs in pre-market trading, driven by Bitcoin's impressive rally. The company's market value has now outstripped the combined worth of the world's two largest gold mining companies.
MicroStrategy saw its shares rise by 3.36% as Bitcoin's price exceeded $93,000. According to Benzinga Pro, the company has now surpassed the market value of the two largest gold mining firms globally, Newmont Corporation (NYSE:NEM) and Barrick Gold (NYSE:GOLD).
The market capitalization of MicroStrategy stands at $96.732 billion, significantly higher than Newmont's $49.16 billion and Barrick Gold's $31.11 billion. This valuation boost follows the company's recent acquisition of 51,780 Bitcoin, valued at $4.6 billion, completed between Nov. 11 and Nov.17.
Peter Schiff commented on the feat by MicroStrategy on Wednesday, "I wonder how much longer it will take before MSTR's market cap exceeds the capitalization of the entire gold mining industry!"
This is insane. $MSTR's market capitalization now exceeds the combined market caps of $NEM and $GOLD, the two largest gold mining companies in the world. I wonder how much longer it will take before MSTR's market cap exceeds the capitalization of the entire gold mining industry!
— Peter Schiff (@PeterSchiff) November 19, 2024
Led by co-founder and chairman Michael Saylor, MicroStrategy has pivoted its strategy towards Bitcoin since 2020, viewing it as a hedge against inflation.
Meanwhile, Goldman Sachs has given a "go for gold" as a leading commodity trade for 2025, with prices expected to reach $3,000 per ounce by December 2025.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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