Bitcoin holdings company MicroStrategy Inc. 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., according to data from TradingView.
In fact, at one point, MicroStrategy bettered Nvidia’s trading volume.
The Michael Saylor-led firm surpassed all other members of the “Magnificent 7” group, including Elon Musk's Tesla Inc. and Apple Inc.
MicroStrategy 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, 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.
Why 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%.