CandleFocus MicroStrategy Stock Hits Highest Price Since Bitcoin Buying Spree Began
2024-10-24
Author: Content Editor
MicroStrategy's stock price has surged by 6% to reach a 25-year high of over $230 as the company's Bitcoin holdings continue to boost its value. The company, which has repositioned itself as a Bitcoin development firm, has amassed 252,220 BTC, worth around $17 billion. MicroStrategy has used equity and debt to acquire Bitcoin, offering leveraged exposure to the cryptocurrency. Despite its success, the company has faced criticism from Bitcoin skeptic Peter Schiff, who believes its valuation will eventually crash. However, asset manager Bernstein rates the company as "Outperform" and predicts a price target of $290.
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