Will MicroStrategy exceed bitcoin’s market cap in 2025?
MicroStrategy (NASDAQ:MSTR) started 2023 with a market capitalization of just $1.8 billion. Today, this figure sits at $111 billion. Its 2023 market cap was also less than its then-$2.1 billion worth of bitcoin holdings but that negative multiple has now flipped decidedly positive. As of publication time, MicroStrategy’s market cap boasts a 3.55 multiple on its $31.1 billion worth of bitcoin holdings. That makes it 5.9% the market capitalization of bitcoin. This makes MicroStrategy nearly 6% the size of bitcoin itself. At the start of 2023, it was a negligible 0.5%. Its growth is as noteworthy as it is curious. Of course, MicroStrategy owns bitcoin, so its assets are themselves part of the market cap that it is displacing. Nevertheless, the company is growing at a multiple beyond a simple capital match: 3.55X and growing. Click to enlarge. Because the company is able to access bond markets at favorable interest rates — upsizing rounds into the tens of billions and