As cryptocurrencies like Bitcoin and Ethereum gain more attention from investors, Wall Street and traditional banks are adapting to this financial shift. Here’s a breakdown of the week’s major stories showing how the old-school and new-age finance worlds are intersecting.

### MicroStrategy Keeps Buying Bitcoin
MicroStrategy made headlines again by adding a massive 55,500 bitcoins to its holdings between November 18 and 24, spending $5.4 billion in cash. That means they now own a total of 386,700 bitcoins, purchased at an average price of $56,761 each. To fund this, the company used money raised from convertible notes and stock sales.

Wall Street analysts are optimistic about MicroStrategy’s bold bitcoin strategy. Several firms raised their price targets for the company’s stock:
– **Canaccord** increased their target to $510 from $300, praising MicroStrategy as a top-performing stock since it started buying bitcoin in 2020, with a jaw-dropping 2,800% gain.
– **Bernstein** raised its target to $600, calling MicroStrategy’s bitcoin approach “unprecedented” and predicting they could eventually own 4% of all bitcoin in circulation.
– **Benchmark** bumped their target to $650, arguing that MicroStrategy’s ability to repeatedly raise funds and buy more bitcoin adds significant shareholder value.
– **TD Cowen** upped their target to $525 and believes the company’s bitcoin-focused strategy could lead to $108 billion in intrinsic value by 2027.

### Bitcoin Mining Company IREN Reports Growth
Bitcoin miner IREN reported its Q1 earnings this week. They had a loss of 27 cents per share but brought in $49.6 million in revenue, an improvement over last year. The company is on track to hit a bitcoin mining speed of 31 EH/s soon and has sped up plans to reach 50 EH/s by the first half of 2025 instead of late 2025.

Analysts are optimistic about IREN’s growth:
– **H.C. Wainwright** raised their price target to $16, noting IREN is set to become one of the first public bitcoin miners to reach 50 EH/s.
– **Canaccord** boosted their target to $17, highlighting IREN’s low power costs and strong position in the ongoing bitcoin rally.
– **Roth MKM** increased their target to $20, projecting the company could generate over $714 million in annual revenue by late 2025.
– **Cantor Fitzgerald** raised their target to $23, mentioning IREN’s potential for AI and high-performance computing opportunities alongside its mining business.

### Coinbase Gets an Upgrade
Coinbase received a new price target of $358 from Oppenheimer, up from $265. The firm pointed to improving sentiment around crypto after the recent election results. With pro-crypto leaders potentially taking charge in Washington, Coinbase could see significant growth as the U.S. moves toward a more crypto-friendly environment.

### Mara Holdings: A Bitcoin Mining Powerhouse
Barclays initiated coverage of Mara Holdings with a Neutral rating, while Cantor Fitzgerald raised its price target for the company from $33 to $42. Mara recently raised $1 billion through a convertible note offering and plans to use much of that money to buy more bitcoin. Analysts see Mara as a leader in bitcoin mining, with its strong hash rate and strategic approach making it a solid choice for investors interested in this sector.

### Robinhood Expands Offerings
Robinhood is gaining momentum, with Morgan Stanley upgrading its stock to Overweight and setting a price target of $55, up from $24. The platform is broadening its services and capitalizing on the crypto boom post-election. This includes acquiring a registered investment advisor custody platform as part of its plan to expand into new markets.

### Crypto Market Recap
Bitcoin dipped slightly this week, trading at around $97,572. Despite this small drop, interest in cryptocurrencies continues to grow as traditional finance players embrace the evolving landscape.

### Key Crypto Stocks to Watch
Some publicly traded companies involved in the cryptocurrency space include MicroStrategy, Coinbase, Mara Holdings, Riot Platforms, Bit Digital, Core Scientific, Greenidge Generation, Stronghold Digital Mining, and TeraWulf.

Stay tuned as the worlds of traditional finance and cryptocurrency continue to collide!