Why MicroStrategy Stock Surged Last Month
Shares of (NASDAQ: MSTR) gained 27.3% in September, according to data from S&P Global Market Intelligence. The business intelligence software company, known for reinvesting its cash reserves in Bitcoin, generally trended upward along with the leading cryptocurrency. It also accelerated in mid-September, when the company said it would borrow another $700 million to refinance old debt and buy even more Bitcoin. And that's not all -- MicroStrategy's stock surged again when the new debt was expanded to $1.01 billion a few days later.
Bitcoin prices rose 10.6% in September, boosted by a strengthening American economy. Crypto investors also expect the digital currency to take off fairly soon as a result of Bitcoin halving its mining rewards in April. Late 2024 or the first half of 2025 would be a reasonable starting point for the fourth halving-based price surge, based on market data from the first three halvings.
With 252,220 Bitcoins under its belt as of Sept. 19, MicroStrategy's digital currency reserve is worth roughly $15.6 billion today. That's the largest corporate Bitcoin position in the world according to Bitcoin Treasuries. It's no surprise to see this company's stock following the market trends of Bitcoin's price chart.
Source Fool.com
Microstrateg.a New Stock
The stock is one of the favorites of our community with 42 Buy predictions and 1 Sell predictions.
As a result the target price of 498 € shows a very positive potential of 54.04% compared to the current price of 323.3 € for Microstrateg.a New.
