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Citi has assigned a ”Buy” rating to Michael Saylor’s struggling Bitcoin treasury firm Strategy, forecasting 61% upside over the next 12 months based on Bitcoin hitting the bank’s $181,000 price target. Strategy is a ‘’leveraged proxy’’ for Bitcoin’s performance, the Wall Street investment bank said in an Oct. 21 research note. It set a $485 price target for Strategy shares, assuming Bitcoin hits its 12-month price forecast and the company maintains its typical premium to net asset value. But its analysts warned that while the stock offers outsized upside in bull markets, it also magnifies downside losses. A 25% pullback in BTC, they warned, could swing Strategy’s NAV from a 35% premium to a discount and cut the stock’s value by as much as 61%. “The stock presents significant risks due to its positioning as a leveraged proxy for Bitcoin,” Citi analysts said. ”Its value is nearly 100% tied to the someti...

Strategy BTC rally underperformance continues right now as Michael Saylor conceals Bitcoin addresses worth $14 billion. The Strategy BTC rally disconnect from Bitcoin’s surge past $111,000 raises investor concerns about transparency and also regulatory risks affecting the cryptocurrency giant’s market position at the time of writing. Strategy’s performance lag comparison – Source: Strategy Why Strategy’s BTC Rally Lag Fuels Regulatory Uncertainty And Market Risks Source: Strategy The Strategy BTC rally lag stems from mounting transparency concerns as Saylor refuses proof of reserves disclosure. While Bitcoin halving countdown approaches and cryptocurrency markets surge, regulatory uncertainty clouds Strategy’s $14 billion Bitcoin holdings right now, impacting the BTC rally strategy. Also Read: Class Action Lawsuit Filed Against Michael Saylor’s Strategy Over Bitcoin Saylor’s Transparency Stance Creates Market Discord Source: Strategy Strategy ho...

The individual behind the 2022 attack on FTX has altered their strategy for laundering their stolen Ethereum into Bitcoin. On-chain analyst Lookonchain noticed on Oct. 6 that the person behind last year’s FTX hack had stopped using THORChain for moving their stolen assets and had begun to exploit the Threshold Network instead. Lookonchain’s data indicated that the attacker converted over 3,000 Ether (ETH), valued at $4.9 million, into tBTC via the Threshold network. Since then, per Lookonchain, the attacker has successfully converted about 75,636 ETH, valued at $124 million, into Bitcoin, while another 109,485 ETH, valued at approximately $180 million, remains in their wallet. After @THORSwap suspended swaps, FTX Exploiter started swapping $ETH for $tBTC and cross-chained to the Bitcoin network through @TheTNetwork. So far, FTX Exploiter has swapped 75,636 $ETH($124M) for BTC assets and cross-chained to the Bitcoin network. pic.twitter.com/ksIPBzRJ0d — Lookonchain (@lookonch...

Michael Saylor, the co-founder of the Fortune 500 company, had maintained throughout the bear market that they would continue to invest in Bitcoin as they are confident in its fundamentals. Business intelligence and Fortune 500 company Micro strategy ’s Bitcoin (BTC) investment has turned green again as BTC broke past the critical resistance of around $29,000 to record a new 10-month high of $31,163. Microstrategy started investing in Bitcoin in the second quarter of 2020 when the BTC price was trading around $10,000. Since then, the business intelligence firm had made a series of BTC purchases over the period of two years. The firm has accumulated a total of 140,000 Bitcoin acquired for nearly $4.17 billion at an average price of $29,803 per BTC. MicroStrategy co-founder Michale Saylor introduced the Bitcoin strategy as a treasury hedging asset over the United States dollars. Apart from holding BTC personally and on the company’s balance sheet, Saylor also convinced several public...