MicroStrategy Inc. (NASDAQ:MSTR) ended Friday as the sixth-most traded stock on Wall Street, prompting founder and CEO Michael Saylor to celebrate by coining the term "Magnificent 8."
What happened: On Sunday, Saylor took to X, drawing attention to the Bitcoin (CRYPTO: BTC) development company's latest feat.
MicroStrategy recorded volumes of $5.8 billion on Friday, trailing only tech behemoths such as Tesla Inc. (NASDAQ:TSLA), Nvidia Corp. (NASDAQ:NVDA), Apple Inc. (NASDAQ:AAPL), Microsoft Corp. (NASDAQ:MSFT), and Meta Platforms Inc. (NASDAQ:META).
#Bitcoin makes the Magnificent 8 pic.twitter.com/05qyTqzX2D
— Michael Saylor️ (@saylor) October 27, 2024
Moreover, MicroStrategy's volume was higher than Amazon.com Inc. (NASDAQ:AMZN) and Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), the other two members of the "Magnificent 7."
As is well known, the term "Magnificent 7" refers to a group of seven high-performing and influential U.S. companies. These seven stocks alone have a combined market capitalization of $16.5 trillion.
Saylor's coinage of the term "Magnificent 8" was meant to reflect the growing stature of MicroStrategy, which outperformed the "Magnificent 7" companies with a 238% year-to-date (YTD) gain.
Five of these seven tech behemoths were set to disclose third-quarter earnings later this week, with Tesla reporting its numbers last week and Nvidia scheduled to reveal financials in November.
Why It Matters: The spike in volumes comes amid MicroStrategy's Bitcoin playbook, which has sparked interest from firms with far greater valuations.
Last week, Microsoft shareholders proposed investments in Bitcoin, citing MicroStrategy as an example whose shares outperformed the tech giant in 2024.
MicroStrategy adopted Bitcoin as its primary reserve asset in 2020, becoming the first publicly listed company to pursue this strategy. The company doubled up on its Bitcoin purchases and today holds over $17 billion in Bitcoin on its books, according to bitcointreasuries.net.
Price Action: At the time of writing, Bitcoin was exchanging hands at $68,289.13, up 2.06% in the last 24 hours, according to data from Benzinga Pro. Shares of MicroStrategy closed 0.66% lower at $234.34 on Friday.
