MicroStrategy’s market capitalization reached a new all-time high, crossing the $31.8 billion mark.

According to Companies Market Cap, MicroStrategy ranks 606 among the largest companies in the world by market capitalization. Since the beginning of the year, its capitalization has almost tripled by 135.7% over the last month.

MicroStrategy’s (MSTR) share price has increased by approximately 200% since 2024 began, and at the time of writing, MSTR is trading near $1,880. The cost of its shares has increased from $141 to $670.71 since the start of 2023, with 10x Research experts calling MSTR overvalued.

The daily increase in market capitalization by 1.13% resulted from Bitcoin’s recovery to $70,000. CoinMarketCap data shows that BTC is currently trading around the $71,600 mark.

Between March 11 and March 18, MicroStrategy purchased 9,245 BTC worth $623 million. According to the latest data, the company holds 214,246 BTC on its balance sheet, which was acquired at an average price of $35,160.

MicroStrategy plans to re-profile itself as a development company for Bitcoin and products based on it. Since its inception, it has focused on creating and supporting analytical software.

The company’s founder, Michael Saylor, previously said that the company does not intend to sell reserves of the first cryptocurrency in the near and long term.