MicroStrategy's stock price experienced an upward trajectory today, driven by a bullish sentiment in the cryptocurrency market and recent analyst upgrades. Cantor Fitzgerald's decision to raise its price target for MicroStrategy from $518 to $613 has bolstered investor confidence, highlighting the company's strategic maneuvers to increase its Bitcoin holdings. As Bitcoin's market cap nears $2 trillion, the growing institutional adoption of cryptocurrencies has positively influenced crypto-linked stocks like MicroStrategy. The company's strategy to increase its authorized shares for further Bitcoin acquisitions has been perceived positively by some investors, despite the associated risks.
The Defiance Daily Target 1.75x Long MSTR ETF (MSTX) saw a rise of 2.38% to $52.85 at 4:40 PM on Thursday, January 16.