Strategy is now one of the 500 largest companies in the world. Shares jumped 17.5% on September 3, taking the market cap to $57.53 billion from $47.43 billion and adding $10.10 billion in one day. That is good for No. 445 globally and No. 210 in the United States, where Cardinal Health ranks just above it and Nike just below.
The stock closed at $144.82, up from $123.19. Intraday it ran from $127.58 to $144.92 on more than 45 million shares, about twice the recent average.
Bitcoin hit $82,000, up roughly 6% from Wednesday’s close near $77,300. Lower yields, a softer dollar, and Fed Governor Christopher Waller’s comment that he is inclined to leave rates unchanged all helped. Strategy’s common stock still trades like a levered claim on the bitcoin reserve, so a 6% move in the coin produced a 17.5% move in the equity. Most $47 billion companies do not reprice that way. That is how it ended the day in the same U.S. market-cap neighborhood as Cardinal Health and Nike.
The rally had a runway. Strategy spent August climbing off a low near $90 after it started buying bitcoin again, adding 4,603 coins for about $370 million and bringing the stack to 845,050 BTC. Alliance Global initiated coverage with a Buy. Thursday was the session that finally pushed the market cap through a line the global rankings notice.
It is still a long way from last year’s price. The stock is down more than 50% over 12 months and has traded between $81.81 and $365.21. Strategy has been worth more than $57.53 billion before, and much less as recently as August. The top 500 is just the last close. Another 17.5% day, in either direction, would move the rank again.
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