MicroStrategy (MSTR) is rapidly advancing toward its ambitious goal of raising $21 billion through stock sales to fund its Bitcoin (BTC-USD) purchases. Just a month after unveiling this strategy, the business intelligence company turned crypto giant has already secured around 50% of its target, according to Bloomberg.
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In the past week alone, MicroStrategy sold 3.7 million shares, using the proceeds to buy $1.5 billion worth of Bitcoin. This marks the company’s fourth consecutive weekly BTC purchase.
MSTR Has $11.3B Remaining in Stock Issuance
According to Bloomberg, the company now has approximately $11.3 billion remaining in stock issuance under its at-the-market share program. This type of offering allows a company to raise capital by selling secondary shares after going public. Additionally, MicroStrategy plans to raise another $21 billion through fixed-income securities by 2027, steadily increasing these offerings to support its ongoing Bitcoin acquisition strategy.
In a recent filing, MicroStrategy reported acquiring 15,400 Bitcoin at an average price of around $95,976 per token between November 25 and December 1. Since November 11, the company has spent over $13.5 billion on Bitcoin and now holds $38 billion worth of the cryptocurrency.
MSTR Revealed Its “21/21 Plan”
To fund its Bitcoin purchases, MicroStrategy is using a combination of convertible notes and its at-the-market share offerings. Earlier this year, MSTR revealed its “21/21 Plan,” with a goal of raising $42 billion over the next three years to expand its Bitcoin holdings. Of this, $21 billion will come from at-the-market equity raises, while the remaining $21 billion will come from debt.
Is MSTR a Good Stock to Buy?
Analysts remain bullish about MSTR stock, with a Strong Buy consensus rating based on a unanimous eight Buys. Over the past year, MSTR has skyrocketed by more than 500%, and the average MSTR price target of $494 implies an upside potential of 29.9% from current levels.
