Strategy Inc. (NASDAQ:MSTR) stock moved over 10% higher on Thursday as Bitcoin (CRYPTO: BTC) broke out past the $80,000 level. Investors frequently treat Strategy stock as a leveraged equity proxy for Bitcoin due to the company’s significant corporate treasury holdings of the asset.
The Nasdaq is up 0.84% while the S&P 500 has gained 0.49%.
On Wednesday, Bernstein lowered their price forecast on Strategy from $450 to $350 while maintaining an Outperform rating.
Bernstein noted the cut reflects an updated Bitcoin cycle timeline and faster-than-expected equity dilution from share sales.
Long-Term Outlook For Sovereign Debt And Bitcoin
