One Company Raised a Sixth of All New Stock in 2024

MicroStrategy captured 16% of all equity raised or announced in 2024—an unheard-of concentration for a single firm in modern capital markets. The software company is financing its $42 billion bitcoin accumulation plan through relentless stock and debt offerings. That scale of capital-raising by one issuer raises questions about market structure and whether institutional investors, who own the bulk of equities, are comfortable with this degree of concentration in a single bet on cryptocurrency.