Saylor's Strategy extends rally on new cash reserve for bitcoin purchases, buybacks
BUZZ-Saylor's Strategy extends rally on new cash reserve for bitcoin purchases, buybacks ** Shares of Michael Saylor-led Strategy MSTR.O advancing 5.1% to $125.38 on Mon after co set aside about $1.6 bln in cash to fund future treasury operations, including potential bitcoin purchases
** MSTR rising for 4th straight session, racking up ~35% gain along the way
** The new cash pool, dubbed "USD Cash", can be used for bitcoin buys, share repurchases and other corporate events, giving co more flexibility to navigate market downturns
** MSTR move comes as bitcoin BTC=, a key asset for the world's largest corporate buyer of the crypto, approached the $80,000 mark last week for the first time since mid-May
** Despite the rally, MSTR off ~18% YTD and 65% over the past year
** 18 of 20 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $206.67, per LSEG data
** BTC currently up 2.4% to $79,222.92 on Mon. It surged about 23% last week after U.S. President Donald Trump urged Congress to pass a crypto bill, as well as a boost to risk assets following Treasury Department's surprise announcement to support long-term bonds
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))