Citi Lifts MicroStrategy Target to $240 on Higher Bitcoin View

Citi raised its price target on MicroStrategy to $240 from $136, maintaining a Buy rating after lifting its 12-month Bitcoin forecast 39% on the wire. The bank sees roughly 34% upside from current levels, citing the expanding institutional footprint and a firmer price trajectory for the underlying digital asset. The revision comes alongside broader appetite across crypto equity proxies, driven by steady spot ETF inflows and stabilizing macro liquidity conditions. Over on our crypto board, our tape measures Bitcoin trading at $86,197, up 1.58% on the session. The structure behind that move has shifted into outright positive territory: net GEX sits at 4,954,993, with spot holding above the dealer gamma flip at $85,636.68. That puts crypto dealers in the shock-absorber seat for BTC, where their mechanical hedging tends to dampen intraday slippage by buying into weakness and supplying into pops. Max pain on the contract rests lower at $85,000, leaving spot comfortably insulated above the regime line. That stabilization has not fully translated across the tech complex, however. While SPY sits in long gamma at 767.64, holding just above its 766.17 flip, QQQ remains pinned in short gamma at 747.59 against a 747.85 flip. That puts tech index dealers in position to amplify directional moves between the 730 put wall and the 750 call wall rather than cushion them. The divergence between BTC's steady positive positioning and the Nasdaq tape highlights a selective bid: single-asset proxies are benefiting from specific balance sheet re-ratings even while broad equity vol stays touchy. Whether that target proves realistic is a corporate question, and what anyone executes on the tape is their own click. What the book shows right now is clear: Bitcoin has built a genuine long-gamma buffer above $85,636, giving underlying institutional balance sheets a much steadier floor than they had entering the week.