Strategy, the Bitcoin-focused company, has become one of the most actively traded stocks in the United States, briefly overtaking technology giants Microsoft and Meta in daily share volume.

According to reports published on August 24, Strategy’s Class A shares, traded under the ticker MSTR, changed hands about 49.2 million times on August 19 and another 46.9 million shares on August 20.

The numbers are striking because Strategy is much smaller than Microsoft and Meta by market value. Strategy’s market capitalization was reported at roughly $50 billion, while Microsoft’s value is measured in the trillions. Yet MSTR generated greater share turnover during the two sessions.

The surge also represented a major increase from Strategy’s normal trading activity. Reports put its 30-day average daily volume at roughly 20 million shares for the past 6 months, meaning the August 19 volume was approximately twice its usual level.

BitcoinTreasuries highlighted the milestone in an August 24 post on X, saying MSTR is now the 10th most-traded stock in the US.

The increase in trading activity came as both Bitcoin and MSTR rallied sharply. MSTR closed at $104.25 on August 19, up 12.7%, then gained another 7.8% on August 20 to close at $112.39.

Trading remained heavy on August 21, when about 45.1 million shares changed hands and the stock closed at $119.25.

MSTR’s upward trend continued on August 24, with the stock closing at $122.63, its highest level since mid-June, though still well below its all-time high of $537, reached in November 2024.

MSTR’s extraordinary surge in price and trading volume comes as no surprise to market watchers. As a company heavily invested in bitcoin, many investors expected its shares to rise as bitcoin’s price skyrocketed, making the rally in bitcoin’s price an important part of the story.

By August 24, bitcoin had surged 25% in a single week, adding nearly $16,000 to reach $79,000. That price was above Strategy’s reported average purchase price of about $75,385 per bitcoin. As of August 23, Strategy held 840,447 BTC, according to the company’s website, making it undisputedly the world’s largest corporate bitcoin holder.

However, the company’s recent strategy has also raised questions among investors. During the week of August 17–23, Strategy sold about 18.26 million MSTR shares for roughly $2.01 billion, while making no bitcoin purchases during that period.

The new shares increased the company’s capital but also raised concerns about dilution for existing shareholders.

Strategy has said it plans to build a US dollar reserve to support dividend payments on its STRC preferred stock. The reserve is intended to provide additional liquidity and help ensure the company can meet its dividend obligations to STRC holders.

Strategy’s heavy trading volume reflects how the company has changed since it began its Bitcoin strategy in 2020. Rather than being valued primarily as a software company, MSTR is increasingly viewed by investors as a highly volatile way to gain exposure to bitcoin through the stock market.

The latest trading figures do not mean Strategy has permanently overtaken Microsoft or Meta in trading activity.

The ranking was based on unusually high volume during specific sessions. Still, the episode highlights the extraordinary level of investor attention surrounding MSTR and Bitcoin, and shows how a relatively small company can temporarily generate more stock-market activity than some of the world’s largest technology firms.