MicroStrategy’s Outperformance Versus Nvidia Obscures Rising Concern Over Stock Premium

Since the collapse of crypto markets two year ago, MicroStrategy Inc. has outperformed almost every major US stock, including AI bellwether Nvidia Corp.

Fueling the more than 1,700% gain has been co-founder and Chairman Michael Saylor’s unconventional decision four years ago to buy Bitcoin to offset inflation, which has turned the little-known enterprise software maker into the world’s most prominent crypto hedge-fund proxy. With MicroStrategy continuing to make purchases through Bitcoin’s recovery over the past two years, the Tysons Corner, Virginia-based firm has amassed around $18 billion of the tokens, making it the largest publicly traded corporate holder of the cryptocurrency.