Crypto
MSTR Stock Soars as MicroStrategy's Bitcoin Treasury Draws Fresh Bids
MicroStrategy's MSTR stock has been on a tear, rising by 16.76% following positive sentiment surrounding its latest strategic expansion news. The company's massive Bitcoin treasury continues to draw fresh Wall Street bids.
The latest purchase of 4,603 Bitcoins for $369.7 million at an average price of $80,318 has lifted the total holdings to approximately 845,050 BTC, acquired for roughly $63.73 billion. MicroStrategy now controls about 4% of the total Bitcoin supply.
Analysts are bullish on MSTR's prospects, with Alliance Global initiating coverage with a Buy rating and a $217 price target. Canaccord also raised its target to $175 while Bernstein trimmed its target to $350 but stuck with an Outperform rating.