Crypto
MSTR Stock Soars as MicroStrategy Deepens Bitcoin Holdings
MicroStrategy's (MSTR) stock has been on a tear, rising by 4.16% after announcing a transformative AI partnership that is expected to boost growth prospects.
The company added 1,665 Bitcoin for $142.7 million, lifting total holdings to 847,666 BTC acquired for about $63.95 billion and solidifying its role as a Bitcoin treasury vehicle.
MicroStrategy still holds around $5.0 billion in U.S. dollar reserves and roughly $1.0 billion in USD cash after heavy spending on buybacks, Bitcoin, and preferred dividends.
B. Riley raised its price target on MSTR to $195 from $175 and kept a Buy rating, while FactSet data show an overall Buy consensus and a mean target up at $234.11.