Over 600% year-to-date (YTD) growth was reached on Friday for MicroStrategy stock (MSTR), which continued its massive 2024 growth this week
As Bitcoin continues to grow, Michael Saylor’s company has kept its investments in the currency high. The most valuable cryptocurrency has finally gone over $100,000, which means that MSTR’s average Bitcoin buy has made about 100% profit.
The growing Bitcoin boom is making a lot of money for Microstrategy, a well-known business intelligence and IB tool company. Many people thought Michael Saylor’s Bitcoin plan was a big part of the stock that was doing well. He put that plan into MSTR, which has helped the company grow and become one of the most-traded stocks this week. Its record rise shows that the risk it took to invest in Bitcoin paid off.
Will MicroStrategy stock reach $500?
The price of the company’s stock is rising at an all-time high, and it may eventually go over $500, which would be suitable for the whole company. Markets are guessing whether Bitcoin’s rise to $100,000 will continue and help MSTR stocks rise even more.
BTIG has already raised the firm’s stock price goal from $290 to $570, calling for new investors to “buy.” This is because of the recent trend and spikes. MSTR stock will likely keep rising as Bitcoin continues to increase in value.
Recently, MSTR stock has gone up more than 30%. Investors are lining up to buy shares in MicroStrategy and Nvidia, two of the fastest-growing companies on the US stock market.
Michael Saylor of MicroStrategy also announced earlier this week that the company had raised over $3 billion to buy more Bitcoin. This money comes from selling $3 billion worth of convertible notes with a 0% coupon and a 55% premium, which means the notes have an estimated strike price of $672. At first, MicroStrategy said it wanted to raise $2.6B to buy more Bitcoin.
However, that goal was quickly reached, and the company raised $3B instead. The company plans to keep buying a lot of Bitcoin as the price skyrocket.
