Note: This article has been updated with Bernstein’s revised price target for MSTR.

In a remarkable turn of events, MicroStrategy Inc MSTR saw its shares rise 5.93% in pre-market trading on Monday, according to Benzinga Pro. This wave comes on the heels of co-founder Michael Saylor‘s announcement that the company is generating $500 million daily as Bitcoin moves closer to the $100,000 mark.

What happened: At the time of reporting, Bitcoin BTC/USD was valued at $98,273.58. The rise of cryptocurrency has significantly affected MicroStrategy’s performance as the company has invested heavily in Bitcoin.

On the same day, Canaccord genius reaffirmed his buy rating on MicroStrategy shares and raised his price target from $300.00 to $510.00. The company praised MicroStrategy’s new strategy in assessing value creation through a new key performance indicator focused on Bitcoin accretion per share and Bitcoin revenue.

Bernstein’s Monday report also highlights MicroStrategy’s critical role in bringing Bitcoin into the Wall Street mainstream, predicting the company’s Bitcoin holdings will rise from the current 1.7% to 4% of the stock by 2033. global offering. The price target for the stock was also raised to $600. , up 42% from the current $421.88.

See also: Robert Kiyosaki: ‘Trump will make America richer again by being the first Bitcoin president’

Why it matters: Saylor recently revealed that MicroStrategy is making $500 million a day, while Bitcoin is approaching $100,000 for the first time. Saylor highlighted the company’s massive profits, noting that their Bitcoin holdings increased in value by $5.4 billion in two weeks. This underlines the significant impact of Bitcoin’s value on MicroStrategy’s financial health.

However, not everyone is convinced of MicroStrategy’s valuation. Investment adviser Gary Black questioned the company’s share price and suggested it may be too expensive. Black pointed out that while MicroStrategy’s Bitcoin holdings were valued at $31.2 billion, the company’s market value was $106 billion, raising concerns about its equity value.

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Disclaimer: This content was produced in part with the help of Benzinga Neuro and was reviewed and published by Benzinga’s editorial staff.

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