MSTR Stock Sees Relief Bounce Despite Strategy's Continued BTC Sales
Strategy's MSTR stock saw a relief bounce on August 3rd after the company sold $104M worth of BTC and $290M in MSTR shares. The sale was directed towards funding dividend obligations, repurchasing STRC preferred stock, and increasing its USD reserve to $4B.
The firm reported that it sold 1,638 BTC, valued at $104.73M, as part of its plan to monetize its $5B Bitcoin position. The sale was met with a muted response from the market, leading to a slight jump in BTC prices and a corresponding bounce in MSTR stock.
Despite the recent relief rally, analysts remain bullish on MSTR's potential for a 2X-3X upside. Barclays and Cantor Fitzgerald have set price targets above $240 for the stock, while Strategy CEO Phong Le maintains that MSTR's exposure to Bitcoin has not changed despite the sales plan.
However, long-time Bitcoin critic Peter Schiff slammed Michael Saylor for the continued dilution of MSTR shares and the BTC sales. According to Schiff, Saylor's focus on saving STRC is now a burden to both MSTR and BTC.