MicroStrategy Boosts Bitcoin Holdings, Sends Stock Soaring

Despite Bitcoin reaching all-time highs, MicroStrategy continues to add to its bitcoin stash, prompting Canaccord to raise its price target on the stock to $1,810. The company's strategy of purchasing bitcoin when its stock trades at a relative premium to its holdings has been accretive, leading to a strong track record of driving shareholder value. With no direct competitors emerging, MicroStrategy now holds around 205,000 bitcoin, making it the largest corporate holder of the cryptocurrency.