Strategy Adds $180 Million in Bitcoin Ahead of Expanding BTC Push

Strategy, formerly known as The Tysons, Virginia-based firm now owns roughly 555,500 Bitcoin worth $52.4 billion, based on Strategy funded its most recent purchase by selling $52 million worth of so-called perpetual “STRK” preferred stock and $128.5 million worth of common shares. Although Strategy can still issue $20.87 billion worth of preferred stock, it said it can no longer sell common stock through the equity offering program that “has been substantially depleted” over the past six months.Strategy, however, The Bitcoin treasury firm, which also has a software business, meanwhile disclosed a $5.9 billion loss, due to a decrease in the value of its Bitcoin holdings in the first quarter. Strategy’s stock price fell 4.6% on Monday to $376 per share, according to On Friday, analysts at asset manager Bernstein reiterated an “Outperform” rating for Strategy with a price target of $600 per share, highlighting the firm’s ability to accelerate its Bitcoin acquisition plans, despite The analysts also wrote that Strategy continues to serve as a Bitcoin proxy for institutional investors that may not be able to get exposure to the asset through vehicles like exchange-traded funds tracking the asset’s spot price.“MSTR continues to hyper-scale its Bitcoin acquisition strategy,” Bernstein analysts wrote. “We continue to like MSTR as the most scalable Bitcoin vehicle tapping into large institutional Benchmark Senior Research Analyst Mark Palmer reiterated a “Buy” rating for Strategy last week, stating his $650 price target for Strategy’s shares was partly based on Strategy’s “ability to accelerate its accumulation of bitcoin.”“Strategy’s Bitcoin acquisition strategy has continued to grow rapidly,” he wrote, calling the company’s $84 billion capital-raising target “audacious.” Edited by James Rubin