Strategy (NASDAQ: MSTR) has climbed 30% over the past month, trading at $162.38, dramatically outpacing Bitcoin’s 9.6% gain over the same period.

Citigroup (NYSE: C) has responded by raising its price target on Strategy shares from its previous level to $240, while maintaining a Buy rating on the stock.

The Citigroup target raise arrived after Strategy had already posted its substantial one-month gain, functioning primarily as a confirmation of momentum the market had already priced in.

Among crypto-linked equities, Strategy sits at the top of the past-month performance rankings, with peers posting notably smaller gains across the board.

The iShares Bitcoin Trust ETF (NASDAQ: IBIT), which offers direct exposure to the spot price of Bitcoin, gained 11% over the same one-month window.

MARA Holdings (NASDAQ: MARA) stock rose 16% over the past month, while Bitmine Immersion Technologies (NYSE: BMNR) shares advanced 14% as crypto-linked equities broadly benefited from Bitcoin’s rebound.

Coinbase Global (NASDAQ: COIN) posted the smallest gain among the peer group, rising just 7% over the past month, as its exchange-based revenue model responds more slowly to steady Bitcoin price appreciation than asset-holding firms do.

Strategy’s outperformance relative to every peer in this group is a direct product of financial leverage, which amplifies Bitcoin’s price movements in both directions for common stockholders.

That same leverage creates the central risk in holding Strategy stock, since preferred dividends and debt obligations remain fixed regardless of Bitcoin’s price direction, and preferred investors hold claims that rank ahead of common stockholders in any selloff.

Whether Strategy stock represents a buying opportunity after its past-month run depends almost entirely on an investor’s conviction about Bitcoin’s near-term direction, with Citigroup’s $240 target supporting a bullish case for those who hold that view.

Investors monitoring the trade should watch whether Bitcoin sustains its recent gains, since Strategy’s leveraged structure amplifies the coin’s swings and any sharp reversal would test the model quickly.

Coinbase’s trading activity offers a secondary signal, as a pickup in exchange volume could indicate the Bitcoin rally is broadening beyond treasury-model names like Strategy.

Position sizing remains the most critical decision for anyone holding or considering MSTR stock, since the same leverage that drove last month’s 30% gain can work equally hard in reverse when Bitcoin falls.