MicroStrategy stock (MSTR) continued its huge 2024 growth this week, surpassing 600% year-to-date (YTD) growth on Friday. The company run by Michael Saylor has yet to let its foot off the gas on its investments in Bitcoin, which continue to pay off as Bitcoin grows. The top cryptocurrency has finally surpassed $100k, reflecting about 100% profit for MSTR’s average Bitcoin purchase.
Microstrategy, a renowned business intelligence and IB tool firm, is capitalizing big off the brewing Bitcoin boom. Michael Saylor’s Bitcoin strategy was viewed by many as a key reason for the stock’s performance. He has reflected that strategy into MSTR, helping the company expand into one of the most traded stocks this week. Now, its record growth is continuing, showing that its risk investment in Bitcoin paid off.
MicroStrategy Stock Heading to $500?
The firm’s stock is surging at a record pace and may ultimately cross the $500 threshold, which may prove lucrative for the firm in its entirety. As Bitcoin nears $100K, the market is busy speculating whether this surge will continue and help MSTR stocks surge further. Keeping the recent trend and spikes in mind, BTIG has already raised the firm’s stock price target from $290 to $570, issuing a “buy” call for new investors. It is very likely that as Bitcoin continues to boom, MSTR stock will follow a parallel climb.
Also Read: MicroStrategy (MSTR) Stock: Can It Claim $570 Amid Bitcoin Boom?
MSTR stock is up over 30% in the past week. Alongside Nvidia, MicroStrategy is one of the fastest-growing companies on the US stock market, with investors clamoring to board the train.
Earlier this week, MicroStrategy’s Michael Saylor also announced the completion of over $3B in funding to buy more Bitcoin. Specifically, the funding comes from a $3 billion offering of convertible notes at 0% coupon and 55% premium, with an implied strike price of $672. MicroStrategy initially announced a plan to raise $2.6B to buy more Bitcoin. However, that target was quickly surpassed, with the company instead raising $3B. The company plans to continue its mass Bitcoin accumulation as Bitcoin continues to explode in price.
