With Bitcoin exploding higher, so is MicroStrategy (SYM: MSTR).
As we said on September 7, “With Bitcoin attempting to push aggressively higher, keep an eye on MicroStrategy (SYM: MSTR). With 226,500 BTC on hand, the stock benefits any time Bitcoin prices push higher. The stock is also oversold at triple bottom support dating back to May. Last trading at $119.57, we’d like to see it retest $150 initially.”
By that Monday, MSTR traded at about $119. Today, thanks to the rally in Bitcoin, the MSTR stock is now up to $346.48 and could push even higher.
Plus, over the last few days, MSTR bought another 27,200 BTC for $2.03 billion, paying an average price of $74,463 per BTC. That now brings its BTC holdings to 279,420.
Fueling Bitcoin and MSTR upside has been Donald Trump.
Remember, he wants the U.S. to become the “crypto capital of the planet” and Bitcoin the “superpower of the world.” He also wants to create a government stockpile of Bitcoin, create an advisory council, and prevent the Federal Reserve from creating its own digital currency.
Plus, analysts believe Bitcoin could rally to $100,000+ this year. Should that happen, we wouldn’t be shocked to see MSTR closer to $400 a share.
