Strategy (MSTR), BMNR Stocks Surge as Bitcoin and Ethereum Rally

Crypto-linked stocks jumped sharply as Bitcoin moved back above $81,000 and Ethereum climbed above $2,500. Strategy (MSTR) led the rally, rising 17.56% to close at $144.82, helped by its latest Bitcoin purchase and bullish Wall Street ratings. 

Meanwhile, Bitmine Immersion Technologies (BMNR), one of the largest corporate holders of Ethereum, also surged more than 15%.

Strategy MSTR Stock Jumps 17.5%

Sentiment turned bullish after Michael Saylor’s Strategy ended its 10-week buying pause and purchased 4,603 BTC for $370 million.

The company also spent $151.8 million buying back 1,557,177 STRC preferred shares, while $50.7 million went toward STRC dividend payments and another $30 million was added to cash reserves.

Following this, Bitcoin price jumped over 6%, and that gave MSTR stock another boost as investors continued to use the stock for exposure to Bitcoin.

Strategy received another boost from its partnership with Google Cloud, which includes a seven-city U.S. executive forum series focused on enterprise AI and secure database tools. The partnership adds a business growth angle beyond Bitcoin.

Meanwhile, B. Riley Securities raised its MSTR price target to $175, pointing to the long-term value of Strategy’s Bitcoin-focused treasury strategy.