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

In a remarkable turn of events, MicroStrategy Inc (NASDAQ:MSTR) saw its shares jump by 5.93% in pre-market trading on Monday, as per Benzinga Pro. This surge comes on the heels of co-founder Michael Saylor‘s announcement that the company is generating $500 million daily as Bitcoin edges closer to the $100,000 mark.

What Happened: At the time of reporting, Bitcoin (CRYPTO: BTC) was valued at $98,273.58. The cryptocurrency’s rise has significantly impacted MicroStrategy’s performance, as the company has heavily invested in Bitcoin.

On the same day, Canaccord Genuity reaffirmed its Buy rating for MicroStrategy’s stock, elevating its price target from $300.00 to $510.00. The firm commended MicroStrategy’s novel strategy in assessing value creation through a new key performance indicator centered on Bitcoin accretion per share and Bitcoin yield.

Bernstein’s Monday report also emphasizes MicroStrategy’s pivotal role in bringing Bitcoin into the Wall Street mainstream, forecasting the company’s Bitcoin holdings to rise from the current 1.7% to 4% of the global supply by 2033. It also raised the price target for the stock to $600, a 42% upside from its 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 minting $500 million a day as Bitcoin approaches $100,000 for the first time. Saylor highlighted the company’s massive gains, noting that their Bitcoin holdings appreciated by $5.4 billion over two weeks. This underscores 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 stock price, suggesting it might be overpriced. 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.

Read Next:

• Bitcoin ‘On Brink Of Breaking $100,000,’ Dogecoin Up, Ethereum Down: Crypto Community Holds Its Breath As BTC Guns For Milestone

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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