Analytics and business intelligence solutions provider MicroStrategy (NASDAQ:MSTR) has snapped up nearly 5,445 Bitcoin (BTC-USD) for ~$147.3 million since the beginning of August. The company acquired the cryptocurrency at an average price of $27,053 per Bitcoin, taking its aggregate hoard to nearly 158,245 BTC at an average purchase price of $29,582.
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At an aggregate purchase price of $4.68 billion, this represents one of the largest Bitcoin holdings for a public company in the U.S.
Separately, MSTR also announced that it had issued and sold 403,362 shares for net proceeds of nearly $147.3 million as of September 24. The capital raise is part of a sales agreement the company previously entered into with Cowen & Co., Canaccord Genuity, and Berenberg Capital Markets for an aggregate offering price of up to $750 million.
After a stellar run at the beginning of 2023, BTC has corrected to the current $26,150 levels from July Highs of ~$32,000. The crypto major has $25,000 as the next important support level. Any breach below this would mean a potential sharp price correction.
What Is the Price Target for MSTR?
Meanwhile, the Street has a consensus price target of $448.60 on MSTR, alongside a Moderate Buy consensus rating. This implies a massive 41.7% potential upside in the stock.
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