MicroStrategy Bought $615 Million of BTC
MicroStrategy has bought another $615 million of BTC, but according to 10x Research, the company’s stock price is now 25% overvalued and at risk of a steep correction. Markus Thielen and his team analyzed MicroStrategy’s correlation with BTC to reach this conclusion based on a regression model.
MicroStrategy’s Share Price Reaches 25-Month High
MicroStrategy stock (MSTR) has surged 374% this year and reached a 25-month high of $673 to become one of the best performing crypto-related stocks for 2023. The company has accumulated 189,150 BTC, which is now valued at about $5.9 billion.
The decision to invest in BTC has paid off greatly for MicroStrategy, as bitcoin has seen a significant increase in value. 10x Research also believes that multiple crypto-related stocks are trading close to fair value based on bitcoin’s price.
MicroStrategy Continues to Buy BTC
Continuing its bullish behavior towards BTC, MicroStrategy has recently acquired another 14,620 BTC worth $615.7 million at an average price of $42,100 per bitcoin.
Hot Take
While MicroStrategy seems heavily invested in BTC, 10x Research suggests taking profits and cutting long positions. It recommends HIVE, HUT, and GALAXY as offering value but believes the big money has already been made in those stocks.
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