Strategy Loads Up on More Bitcoin Amid Market Recovery
Strategy, a company known for its massive Bitcoin holdings, has made another significant purchase of the cryptocurrency. In its latest filing, Strategy revealed it bought approximately $370 million worth of Bitcoins last week. This buy is the largest since May and comes after weeks of inactivity on the part of the company.
The purchase includes 4,603 Bitcoins, which were acquired at an average price of around $80,318 per coin. The recent surge in Bitcoin's value may have motivated Strategy to make this move, as its price has risen by 28% over the past 10 days.
Analysts from Bernstein believe that this upward trend could signal a recovery in the market and predict that Bitcoin's price will reach $150,000 by mid-2027 and $300,000 by 2029. They also revised their rating of Strategy to 'outperform', but lowered its price target to $350.
While Strategy's share price may see some gains due to this increase in crypto market strength, it is unlikely to return to trading at a significant premium compared to the net asset value of its Bitcoin holdings.