MSTR
Bitcoin did the heavy lifting
Strategy Inc. is getting its Wednesday boost from the oldest trick in the crypto playbook: Bitcoin went up, and MSTR tagged along like a dance partner with no choice in the matter. BTC was trading 1.43% higher at $79,574.05, which is enough to get traders leaning in on a stock that basically moonlights as a corporate Bitcoin ETF with extra drama.
Wall Street kept the volume up
Canaccord Genuity didn’t exactly throw cold water on the party either. The firm reiterated a Buy rating on Tuesday and nudged its price target up to $179, giving bulls another reason to keep the bid alive. When your whole investment case is part treasury company, part crypto lever, analyst optimism can hit like espresso.
The stash, the buybacks, the sneaker cameo
Strategy also reminded everyone it still runs a very unconventional treasury desk. The company said it didn’t buy any Bitcoin last week, keeping its stash at 845,050 BTC, but it later added 4,603 BTC for $370 million at an average price of $80,318. It also repurchased 1.81 million shares of its STRC preferred stock for $176.3 million using dollar reserves.
And because no modern market story is complete without a side quest, Strategy launched limited-edition Bitcoin sneakers for $250. They were apparently inspired by Nike’s Air Jordan 1, then sold out. Big picture: if you own MSTR, you’re not just buying a stock — you’re buying a very caffeinated bet on Bitcoin with a side of corporate theater.