Strategy Inc. (NASDAQ:MSTR) stock rose Wednesday, driven mainly by upward momentum in Bitcoin (CRYPTO: BTC). Because the company acts as a massive corporate treasury for cryptocurrency, its stock functions as a leveraged proxy for digital asset markets.
On Wednesday, Bitcoin traded up 1.43% at $79,574.05. Nasdaq futures are down 0.45% while S&P 500 futures have shed 0.30%.
Adding to market interest, Canaccord Genuity maintained a Buy rating on Strategy and raised its price forecast to $179 on Tuesday.
Bitcoin Sneaker Sells Out
Strategy listed limited-edition Bitcoin sneakers on its official online shop Tuesday for $250. Inspired by Nike Inc.’s (NYSE:NKE) Air Jordan 1—which generally ranges from $110 to $185 in the U.S.—the product featured leather overlays and orange branding. The website says the item has since sold out.
