MSTR and BMNR Stocks Soar as Bitcoin and Ethereum Rally

Crypto-linked stocks are surging as Bitcoin and Ethereum rally. Strategy (MSTR) led the charge, rising 17.56% to close at $144.82. This is partly due to its latest Bitcoin purchase, which added to its treasury, as well as bullish Wall Street ratings.

The company spent $370 million on 4,603 BTC and used $151.8 million to buy back STRC preferred shares. Additionally, it set aside $50.7 million for STRC dividend payments and another $30 million for cash reserves.

Strategy's partnership with Google Cloud also received a boost from the rally. The partnership includes a seven-city U.S. executive forum series focused on enterprise AI and secure database tools.

MSTR stock gained further momentum after B. Riley Securities raised its price target to $175, citing the long-term value of Strategy's Bitcoin-focused treasury strategy.