Strategy Stock Surges as Bitcoin Breaks Above $80k

Strategy Inc.'s stock rose over 12% on Thursday as Bitcoin broke above the $80,000 level. This sent investor sentiment toward the company soaring, which is often viewed as a leveraged equity proxy for the cryptocurrency due to its large Bitcoin holdings.

The Nasdaq Composite and S&P 500 also saw gains, but Strategy's rally came despite mixed signals from Wall Street. Bernstein lowered its price target for Strategy to $350 from $450 while maintaining an Outperform rating.

Bernstein attributed the reduction in part to an updated Bitcoin cycle timeline and faster-than-expected equity dilution from share sales. The analysts still expect Bitcoin to reach $150,000 by mid-2027 and around $300,000 at the peak of its next cycle in 2029.