Strategy Stock Surges as Bitcoin Breaks $84,000 Barrier
Strategy stock is rallying today, climbing 5.8% in pre-open trading, after breaking above $84,000 for the first time since January and extending its weekly gain to over 7%. This comes as Bitcoin continues to surge, with the SEC's decision last Thursday to grant a five-year exemption allowing select platforms to offer on-chain trading of tokenized U.S. stocks without registering as traditional exchanges.
The move triggered a short squeeze across crypto assets, pushing Bitcoin through several key resistance levels and pulling Strategy's shares higher in lockstep given its role as the world's largest corporate Bitcoin treasury. Executive Chairman Michael Saylor hinted that the firm may be ready to resume Bitcoin purchases after a two-week pause, which investors are now watching for confirmation with a new SEC filing.
With Strategy currently holding approximately 845,050 Bitcoin purchased at an average cost of roughly $75,412 per coin, and a House Financial Services Committee vote on September 16 advancing a bill to establish a Strategic Bitcoin Reserve providing additional regulatory tailwinds, the stock is benefiting from both momentum and fresh optimism.
Wall Street firms have maintained or raised price targets on MSTR in recent sessions, with the consensus target sitting near $230. The broader market is also cooperating, with the NASDAQ up 1.0%, the S&P 500 gaining 0.7%, and the Dow Jones adding 0.8%, creating a favorable risk-on environment that amplifies moves in high-beta assets like MSTR.