Key facts
- MicroStrategy stock rose more than 3.6% to $157.02.
- Barclays increased its price target for MicroStrategy to $175 from $160.
- Barclays maintained an Overweight rating on MicroStrategy.
- MicroStrategy holds 848,000 BTC.
- MicroStrategy purchased 334 BTC last week for $28.7 million.
MicroStrategy's stock price surged over 3% in recent trading, reaching $157.02, following an upgrade from Barclays. The investment bank raised its 12-month price target for the company to $175 from $160 and maintained an Overweight rating, signaling a positive outlook.
Barclays' decision to classify MicroStrategy within the US payments and financial technology sector, alongside companies like Visa and Mastercard, suggests a view that extends beyond its Bitcoin holdings. This classification implies that MicroStrategy's market position warrants consideration independent of its cryptocurrency reserves.
The stock's performance also benefited from a recovery in Bitcoin's price, which rebounded to around $83,000 after dipping to $80,300 in the preceding 24 hours. MicroStrategy's business model is closely tied to Bitcoin, as the company has built its corporate treasury around the cryptocurrency and continues to accumulate it. Last week, MicroStrategy acquired an additional 334 Bitcoin for approximately $28.7 million, bringing its total holdings to 848,000 BTC.
Further support for the stock may have come from US President Donald Trump, who disclosed in a recent ethics filing that he has increased his MicroStrategy shareholdings.