On November 20th, MicroStrategy (MSTR) was one of the most traded stocks in the US, finishing second just behind NVDA on its own earnings day, at one point even surpassing the market giant. It’s been years since a stock has out-traded Nvidia or Tesla, so what’s behind the madness?

Before becoming the Bitcoin behemoth we know today, Michael Saylor and a few others founded MicroStrategy in 1989 as a business intelligence and analytics software company. After many ups and downs through the years, MSTR continues to operate its legacy software businesses but has since transformed into the largest corporate holder of Bitcoin and the “world’s first Bitcoin Treasury Company”.

In late 2020, citing growing concerns about the weakening of fiat currencies through quantitative easing, expansive government fiscal spending, and global economic uncertainties, Saylor saw Bitcoin as a compelling alternative. Recognizing its potential as a superior store of value and its advanced technological characteristics, MSTR made a bold move, converting $250 million of corporate cash reserves into over 21,000 Bitcoin.

This pivot fundamentally reshaped MSTR’s identity, transforming i