Strategy Buys $370 Million Worth of Bitcoins Amid Market Rebound

Bitcoin's price surge has sparked renewed interest in the cryptocurrency, and Strategy (MSTR) is taking notice. The company recently purchased 4,603 bitcoins for $370 million, its largest buy since May, after weeks of leaving its stockpile untouched.

The purchase comes as bitcoin's price has risen by 28% over the past 10 days, with some analysts predicting it could reach $150,000 by mid-2027 and $300,000 by 2029. Bernstein analysts, including Gautam Chhugani, have revised their outlook on Strategy, maintaining an 'outperform' rating but lowering their price target to $350 from $450.

The analysts also noted that the recent increase in bitcoin's price may be a sign of the end to the current bear cycle. However, they caution that while the stock may recover and trade at a premium to its net asset value, it will not return to its historical average of 50% above NAV.