MicroStrategy buys 18.3K Bitcoins, total holdings now at 244.8K worth $14.67 billion.

From Nasdaq

September 13, 2024 5:15:45 pm:

MicroStrategy (MSTR) buys 18,300 Bitcoins at $60,408 each, spending over $1.1 billion. Total holdings reach 244,800 Bitcoins valued at $14.67 billion.

Funds for purchase were raised by selling shares, part of an agreement set in August 2024 to sell up to $2 billion of common stock.

Barclays analyst compares MicroStrategy to a Bitcoin index fund generating cash, allowing investors to benefit from Bitcoin price movements and the company’s growing crypto holdings.

MicroStrategy has the advantage of leveraging the capital debt market to buy more Bitcoins, different from individual investors limited to brokerage or personal loans with higher interest rates.

Analysts give MSTR a Strong Buy consensus rating, with a 308% increase over the past year. Average price target is $208.78, signaling a potential 47.58% upside.

Read more at Nasdaq: MicroStrategy (NASDAQ:MSTR) Adds 18.3K Bitcoins to Its Holdings