Bitcoin's (CRYPTO: BTC) bullish turn since early September has reflected well on MicroStrategy Inc. (NASDAQ:MSTR), with the proxy firm increasing its valuation by $50 billion in the last two months.

What happened: Widely considered a TradFi alternative to holding Bitcoin, shares of MicroStrategy hit a record closing high, past $350, earlier this week. The surge marked the highest level for the shares since the dot-com bubble in March 2000.

Year-to-date, MicroStrategy has leaped 374%, outperforming some of the hottest stocks on Wall Street, including the "Magnificent Seven."

The upswing coincided with the record-breaking play of Bitcoin, which was swiftly approaching the $100,000 milestone. Since Sept. 6, Bitcoin has surged more than 60% in value. 

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Why It Matters: The Bitcoin portfolio of MicroStrategy—a company that has pioneered the leading cryptocurrency's corporate adoption—has ballooned past a whopping $25 billion, according to data from bitcointreasuries.net. 

At an average acquisition price of $11.92 billion, the firm racked up over $13 billion in unrealized profit on its Bitcoin purchases. 

In its third-quarter results report, the company announced plans to raise as much as $42 billion in equity and debt funding over the next three years to accumulate more Bitcoin.

Image via Shutterstock

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