With Bitcoin prices soaring to new highs, TD Cowen analyst Lance Vitanza has recently increased his price target for MicroStrategy shares to $680, up from the previous target of $590, as quoted on CNBC. Several companies have attempted to replicate MicroStrategy’s (also known as Strategy) business model, but Vitanza emphasized that none can rival the company’s cost of capital advantage.
Strategy has uniquely leveraged a diverse array of securities to raise funds for acquiring Bitcoin, giving it a strategic edge in the market. MicroStrategy – the software and bitcoin-treasury company – said it now owns more than 600,000 bitcoins, valued in excess of $70 billion at current prices. It disclosed that it has resumed buying Bitcoin, as prices surged further into record territory.
Bitcoin Momentum Fuels Optimism
TD Cowen’s bullish outlook is driven by expectations of continued Bitcoin price appreciation and MicroStrategy’s aggressive pace of Bitcoin accumulation. On Monday, Bitcoin hit a new all-time high of $123,000, fueled by strong inflows into Bitcoin ETFs. Although it has since dipped slightly to $120,437.06, the overall trend remains upward.
MicroStrategy Stock Performance
MicroStrategy shares have rallied about 54% year to date, reflecting growing investor confidence in the company’s crypto-centric strategy. Even before TD Cowen boosted its target price for MicroStrategy, the average price target for MicroStrategy was $534.77 (offered by 13 analysts). The forecasts ranged from a low of $175.00 to a high of $650.00. The average price target represented a 23.05% increase from the last closing price of $434.58, recorded on July 11, 2025. The stock, however, surged 3.1% on July 15, 2025.
ETFs in Focus
Against this backdrop, below, we have highlighted a few winning MicroStrategy-based exchange-traded funds (ETFs) that can be tapped now.
T-Rex 2X Long MSTR Daily Target ETF MSTU
The T-Rex 2X Long MSTR Daily Target ETF seeks daily investment results, before fees and expenses, of 200% of the daily performance of MSTR. The fund charges 105 bps in fees.
Grayscale Bitcoin Adopters ETF BCOR
The underlying Indxx Bitcoin Adopters Index consists of U.S. and non-U.S. equity securities of companies that have been adopting Bitcoin as an asset for corporate treasury management. The fund charges 59 bps in fees. MSTR stock takes 21.34% of the fund.
First Trust SkyBridge Crypto Industry & Digital Economy ETF CRPT
The First Trust SkyBridge Crypto Industry and Digital Economy ETF seeks to provide investors with capital appreciation. The fund charges 85 bps in fees. MSTR stock takes 20.49% of the fund.
Bitwise Bitcoin Standard Corporations ETF OWNB
The underlying Bitwise Bitcoin Standard Corporations Index provides exposure to the performance of corporations that have adopted the Bitcoin standard. Such corporations are those that hold Bitcoin as a corporate treasury asset. The fund charges 85 bps in fees. MSTR stock takes 19.19% of the fund.
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First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT): ETF Research ReportsThis article originally published on Zacks Investment Research (zacks.com).
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