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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Jun 20, 2024 12:57 UTC
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Microstrategy Doubles Down, Acquires 11,931 Bitcoin for $786M
MicroStrategy bought even more Bitcoin, bringing their total to 226,331 coins at an average price of $36,798 each.
The company's stock price has significantly outperformed Bitcoin itself this year, surging 135% compared to Bitcoin's 57% increase.
Analysts are bullish on MicroStrategy, giving it a strong rating and predicting an additional 80% growth in stock price.
MicroStrategy has increased its Bitcoin holdings again, buying an additional 11,931 Bitcoin for a remarkable $786 million. This latest purchase was funded through convertible notes and surplus cash, with an average buy-in price of around $65,883 per Bitcoin.
As of June 20, MicroStrategy holds an astounding 226,331 Bitcoins, bought at an average price of $36,798 each. This huge collection represents a total investment of nearly $8.33 billion. Michael Saylor, the company’s founder and chairman, has become a prominent figure in the Bitcoin world.
Under Saylor’s leadership, MicroStrategy has transformed from a lesser-known software company into a major player in the cryptocurrency space. The company now holds about 1.1% of the world’s Bitcoin supply and is valued at approximately $14.5 billion.
Bullish Predictions
MicroStrategy’s stock has soared by an impressive 135% this year, with analysts at Bernstein giving the company a strong outperform rating. They have set a price target of $2,890, suggesting another 80% growth could be on the horizon. In comparison, Bitcoin has risen by 57% over the same period. While this is significant, it still lags behind MicroStrategy’s remarkable performance.
Heavier Shares, Greater Value
With its aggressive Bitcoin accumulation strategy, each MicroStrategy share is now more weighted with Bitcoin than ever before, growing about four times in dollar terms. This growth rate is double that of Bitcoin’s spot price, highlighting the company’s strategic vision and strong market position.
MicroStrategy’s bold moves in the cryptocurrency market continue to set it apart as a leader in Bitcoin investment, showing no signs of slowing down.
Also Read: Argentinian President Javier Milei Backs Bitcoin Amid Economic Struggles
MicroStrategy’s aggressive Bitcoin strategy is bold – genius or madness? Share your thoughts.
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