MSTR Stock Plummets Amid $115B Wealth Manager's Aggressive Buyback Plan

The price of MSTR stock dropped by 3.88% on September 8, to $137 at the time of writing.

This comes despite Strategy, a wealth manager overseeing nearly $115 billion in client assets, announcing that it bought back $176 million worth of STRC stock in an attempt to push the preferred stock back to its $100 par value.

Canaccord, another wealth manager, raised its target for MSTR stock from $175 to $179, attributing this raise to Bitcoin's bullish outlook.

According to Canaccord, if the price of Bitcoin rises by 20% over the next 12 months, Strategy will have a net asset value that is 1.2 times its Bitcoin holdings.