Crypto Shares Continue to Jump. Bit Digital Gains 11%; MARA Soars 10% as Bitcoin Rises above $98,000

Tiger Newspress11-29

Crypto stocks rose on Friday. SOS Limited rose 24%; Canaan rose 17%; Bit Digital rose 11%; MARA Holdings rose 10%; CleanSpark rose 8%; RIOT Platforms rose 7%; MicroStrategy rose 4%.

Bitcoin rose above $98,000. The cryptocurrency’s resurgence seems to have positively impacted related stocks performance.

MicroStrategy’s consensus price target stands at $449.5, based on assessments from 12 analysts. The highest target of $690 was set by BTIG on December 11, 2023, while the lowest, $140, was issued by Jefferies on Nov. 10, 2022.

The most recent analyst ratings for MicroStrategy were provided by TD Cowen, Barclays, and Benchmark on Nov. 25. These ratings suggest an average price target of $563.33, indicating a potential upside of 38.72% for the company.

SOS announced it would invest $50 million in buying Bitcoins, a part of its strategic effort to extend its blockchain and cryptocurrency businesses.

In a Wednesday post on X, MARA, formerly Marathon Digital, wrote that it acquired its latest batch of Bitcoin at an average price of $95,395 per bitcoin, bringing its total holdings to 34,794 BTC, valued at approximately $3.3 billion. The company reported buying an additional 703 bitcoins after an initial purchase of 5,771 bitcoin last week.

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