Strategy's BTC Sales Boost MSTR Stock, Analysts Predict Potential 2X Rally

Strategy, the world's largest Bitcoin treasury firm, has sold another $104M worth of BTC to fund its dividend obligations and deepen its repurchase program for its preferred stock, STRC. This sale brings the total amount of BTC sold by Strategy to just $320M, which is still less than its $5B target as per its new BTC monetization plan.

The firm reported that it sold 1,638 BTC, worth approximately $104.73M. The sale proceeds were used in various ways, including increasing its USD reserve to $4B and allocating the remainder to the USD reserve and cash balance.

The market reacted to this move by fading the effect of the sale, causing BTC to jump slightly higher. In response, MSTR stock saw a relief bounce and closed the market at $94.86 on Monday. Analysts expect MSTR to surpass its 2024 price range of $100-$180, potentially leading to a 2x rally.