Get €3000Here’s Why MSTR Stock Price Is Rallying Today
Highlights
- MSTR stock price soars by more than 3% in pre-market trading hours on Monday.
- Strategy announced its largest Bitcoin purchase this year.
- Wall Street analysts remain bullish on Strategy stock amid strong Bitcoin rebound.
MSTR stock price surges by more than 3% in premarket on Monday amid Michael Saylor’s Strategy announcing its largest BTC purchase this year today. Analysts’ forecasts signaled a bullish stance on MicroStrategy stock amid upside momentum in Bitcoin.
MSTR Stock Rises 3% amid Bullish Analysts’ Forecasts
MSTR stock price jumped by over 4% to almost $146 in premarket trading on March 16, reflecting strong investor interest ahead of the weekly Bitcoin buy announcement. The MicroStrategy stock has rallied 30% since hitting a low of $106 last month.
The stock closed 1.70% higher at $139.67 on Friday, becoming one of the top trending crypto stocks. The intraday low and high were $138.44 and $147.26, respectively. Trading volume has also surged recently, with 23 million in volume recorded on the last trading day.
Wall Street analysts remain bullish on MSTR stock, with an average 12-month price target of $297. Recently, B. Riley Securities initiated coverage with a “buy” rating and $175 price target, citing Strategy’s capital structure and long-term BTC accumulation.
Also, BTIG reiterated a buy rating with a $250 price target for MSTR stock, while Benchmark’s Mark Palmer holds at $705 based on projected Bitcoin holdings by end-2026.
Michael Saylor’s Strategy Makes Largest Bitcoin Buy
As CoinGape reported, Strategy announced its largest Bitcoin buy this year, today, acquiring 22,337 BTC, which brings the company’s total holdings to 761,068 BTC. This purchase surpasses the 22,305 BTC purchase the company made in January earlier this year.
Michael Saylor hinted at another BTC purchase with funds raised from selling Stretch (STRC) preferred shares. He posted the phrase “Stretch the Orange Dots,” continuing a pattern often linked to Strategy’s Bitcoin purchases.
MicroStrategy needs to buy nearly 6,158 BTC per week over the remaining 42 weeks to reach the 1 million BTC goal by year-end. This will cost the company roughly $22.2 billion. Bitcoin is rising today, reclaiming $74K for the first time after 6 weeks. It is currently trading at $73,576, with a 24-hour trading volume of more than 90%.
It is worth noting that, according to the latest data, the company’s STRC preferred shares issuance alone from Monday to Friday had already suggested as much as 11,042 BTC purchases just through STRC sales. The company sold 11.8 million STRC shares for $1.18 billion, which accounted for most of the BTC it bought last week.
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