Bitcoin could rally well above $100,000 this year, according to Strategy (MSTR) CEO Michal Saylor, whose company just bought another $555.8 million worth of the digital currency.
That now brings Strategy’s Bitcoin holdings to 538,200 Bitcoin as of April 20. Using Bitcoin’s current price of $93,783, Strategy’s Bitcoin position is now valued at about $50.4 billion. That’s not only bullish for MSTR, but for other companies with growing stakes in Bitcoin including Strategy, Marathon Holdings (MARA) and Riot Platforms (RIOT).
Even better, according to Binance CEO Richard Teng, America’s embrace of digital assets under President Trump, including the launch of a strategic Bitcoin reserve is a massive bullish catalyst for the whole industry.
“President Trump came in very pro-crypto, came in and introduced a strategic reserve for the US and crypto, I think that’s a very landmark issue on that front. And he has appointed many smart administrators to the respective [regulatory] agencies, and he has the Senate and the House behind him with very pro-crypto legislators. So, we are very bullish on that front. So long-term drivers are strong,” he said, as quoted by Dailyhodl.com.
While you can always invest directly in Bitcoin, here are three Bitcoin-fueled stocks that are going along for the crypto-fueled ride.
Strategy (MSTR)
As noted above, the company just bought another $555.8 million worth of the digital currency.
That now brings Strategy’s Bitcoin holdings to 538,200 Bitcoin as of April 20.
Last trading at $368.71, we’d like to see it rally back to $450 initially.
Even better, the stock and Bitcoin could explode significantly higher. That is, if CEO Michael Saylor ‘s $13 million price target in 20 years.
In fact, as he said during his Bitcoin 22024 Keynote Speech:
“At Bitcoin’s current price around $65,000, it’s got a market cap of $1.3 trillion, or just 0.1% of all global wealth. For Bitcoin to get to my base case of $13 million in 2045 would require an annual rate of return of 29%. At that level, Bitcoin would have a market cap of $280 trillion and account for 7% of global wealth.”
Marathon Holdings (MARA)
Bitcoin mining stock, Marathon Holdings is just starting to pivot higher, too.
After bottoming out with Bitcoin, MARA ran from about $10 to $14.30 in April. From here, we’d like to see the mining stocks retest $17 a share initially.
Helping, the company just said it produced another 829 BTCs in March, up 17% from February.
“In March, our production saw a 17% month-over-month increase in blocks won, even as global hash rate and mining difficulty grew,” said Fred Thiel, MARA’s Chairman and CEO. “Our bitcoin holdings surpassed 47,000 BTC during March and the 242 blocks mined were the third most in a month on record.
Riot Platforms (RIOT)
Riot Platforms – another Bitcoin mining stock – bottomed out at around $6.20 and is now back to $8.21. From here, we’d like to see it retest $12 initially.
It mined 533 Bitcoin in March, up 13% from the 470 mined in February.
“Riot mined 533 Bitcoin in March, which represents a new post-halving production high for the Company,” said Jason Les, CEO of Riot. “The operational improvements our onsite teams have made are demonstrating results in both operating hash rate growth and bitcoin production, despite increases in the network difficulty.”