On August 21, we said, “With Bitcoin starting to regain momentum, keep an eye on MicroStrategy (MSTR). That’s because as BTC pushes higher, MSTR will typically follow, especially with the company now in possession of 226,500 BTC as of June. Last trading at $133.69, we’d like to see MSTR rally back to $180 near term.”
Today, thanks to the recent rally in Bitcoin, MSTR is now up to $150 and could push even higher – again, especially if Bitcoin can maintain its momentum. Making it even more attractive, the company still has plans to buy more BTC.
Helping, Cantor Fitzgerald just initiated an overweight rating on the stock, noting that “demand for Bitcoin will meaningfully accelerate from here.”
“The firm pointed to an entire ecosystem that is building on top of bitcoin, as well as “institutions being under-invested and governments potentially considering adding Bitcoin into their strategic Treasury reserves,” as noted by Seeking Alpha.