MicroStrategy Inc. has purchased its most Bitcoins to date. The company is known for enterprise software and its bold venture into crypto-currency investment.
According to an SEC filing on Monday, between November 11 and 17 the company acquired 51 780 BTC worth approximately $4.6 billion.
MicroStrategy has now acquired 331,200 BTC worth more than 29 billion dollars.
Since 2020, the company has spent $16.5 billion on Bitcoins. The average price per Bitcoin is $49 875.
The latest investment is part of a strategy that was developed by Michael Saylor. He views Bitcoins as an asset to be used for growth and protection against inflation.
MicroStrategy is planning to expand the Bitcoin Portfolio.
Saylor’s 21/21 plan, which includes $21 billion of equity and debt raises over three years, aims for the company to raise a total of $42 billion.
The strategy is designed to take advantage of Bitcoin’s predicted growth. Analysts predict that the price will surge up to $100,000 in three months.
MicroStrategy stock: Analysts’ views
MicroStrategy currently holds around 1.2% of total Bitcoin supply. This makes it the fifth largest holder, after Satoshi, Binance and BlackRock.
Its acquisitions are a testament to its status as an important player in the crypto asset market and leading hedge proxy.
Wall Street analysts expect Bitcoin to rise, which has boosted their optimism about MicroStrategy.
The average price target for shares of the company in the next 12 months is $302,75, with estimates as high as $385.00.
MicroStrategy could experience significant stock gains if Bitcoin continues to increase. This would align with Saylor’s vision for the long term of using Bitcoin as an asset.
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