MicroStrategy Inc. ( MSTR ) shares jumped 8.13% in pre-market trading on Thursday after Bitcoin (CRYPTO: BTC) surpassed $100,000 for the first time, continuing the software company’s stellar performance in 2024.

What Happened: The company’s stock reached $438.43 in pre-market trading, building on Wednesday’s close of $406.00. MicroStrategy ( MSTR ), which holds approximately $40 billion in Bitcoin, has seen its shares surge over 490% year-to-date, according to data from Benzinga Pro.

The historic Bitcoin rally, with the cryptocurrency currently trading at $102,868 and up 133.13% this year, has sparked significant institutional interest in MicroStrategy ( MSTR ). Major hedge funds, including Calamos Advisors LLC, have invested in the company's $6 billion convertible note offerings used to finance its Bitcoin acquisitions.

“There is going to be a 100K Party,” posted MicroStrategy ( MSTR ) CEO Michael Saylor, a prominent Bitcoin advocate, as the cryptocurrency reached the milestone.

However, some analysts urge caution. David Trainer, CEO of New Constructs LLC, warned: “It could be a giant house of cards that will crush many shareholders when it crashes.”

See Also: Gary Black Says Tesla’s Bitcoin Holdings Not ‘Relevant’ To TSLA’s Stock Price, Urges Focus On EV Expansion And Share Buybacks

MicroStrategy’s stock volatility averages 5.2% daily movements, significantly higher than the S&P 500’s 0.6%. The company’s aggressive Bitcoin acquisition strategy has transformed it from a traditional enterprise software company into a prominent cryptocurrency investment vehicle.

According to data from Benzinga Pro, MicroStrategy ( MSTR ) has a consensus price target of $449.50 from 12 analysts, with a high of $690 and a low of $140. The average price target from recent ratings by TD Cowen, Barclays, and Benchmark is $563.33, implying a 28.38% upside.

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