MicroStrategy Continues to Add Bitcoin, Canaccord Raises Price Target to $1,810

According to CoinDesk, MicroStrategy is continuing to add to its bitcoin holdings despite the cryptocurrency's all-time high price. Investment bank Canaccord Genuity has raised its price target for the software company to $1,810 from $975, the highest among Wall Street analysts. Canaccord maintained its buy rating on the stock. MicroStrategy recently announced the purchase of approximately 12,000 additional bitcoin at an average price of about $68.5K, using cash and proceeds from its oversubscribed and upsized $800 million convertible debt offering. Canaccord analysts noted that the company's bitcoin acquisition strategy has driven its equity value premium relative to its bitcoin holdings to around 86%. The recent bitcoin spot exchange-traded fund (ETF) issuances have only driven this premium higher, with the MicroStrategy premium reaching new highs a couple of months after approval. Despite the company's success in driving shareholder value through its bitcoin acquisition strategy, no other direct competitors have emerged. Canaccord reported that MicroStrategy now holds a total of around 205,000 bitcoin.

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