- MicroStrategy‘s stock price rose alongside Bitcoin‘s recent price recovery.
- Bitcoin reclaimed $113,000 after last week’s drop to $108,000, affecting MicroStrategy’s share movement.
- The company avoided a large tax bill, boosting market value by over $8 billion earlier this month.
- Wall Street maintains a Buy rating on MicroStrategy with a price target of $705.
- Other crypto-related stocks like Robinhood, Coinbase, and Circle increased recently alongside crypto miners focusing on AI and high-performance computing.
Shares of MicroStrategy (MSTR) increased on Tuesday following Bitcoin’s recent price rebound. Bitcoin (BTC) recovered to $113,000 after slipping to $108,000 last week. Since MicroStrategy’s stock price often moves with Bitcoin, this rise contributed to a positive day for the company’s shares.
MicroStrategy had fallen 18% over the past month but has grown from roughly $123 in August 2020 to around $301 now, with a peak above $473 during Bitcoin’s 2024 rally. Earlier this month, the company’s market capitalization rose by over $8 billion after the US Treasury and IRS waived a multi-billion-dollar tax bill related to its Bitcoin holdings, saving the company billions in potential taxes.
On Wall Street, analysts continue to support MicroStrategy, giving it a Buy rating and a price target of $705. Analysts say the stock might be undervalued by up to 57%, despite its recent volatility. Since the start of the year, MicroStrategy has gained 5%, but it still trades about 25% below its 52-week high of $473.83 reached in November 2024.
Other cryptocurrency-related stocks also rose this week. Robinhood (HOOD) and Coinbase (COIN) advanced nearly 4.5% and 2.5%, respectively, while stablecoin issuer Circle (CRCL) gained 3.5%. Crypto mining firms, some focusing on Artificial Intelligence and high-performance computing, saw strong gains on Monday and Tuesday.
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