MicroStrategy to Raise $500M for Bitcoin Holdings, Analysts Recommend Strong Buy with $1,793 Target
June 14, 2024MicroStrategy, led by CEO Michael Saylor, is set to raise $500 million through convertible senior notes.
The funds will be used to further increase its substantial Bitcoin holdings, which currently exceed 214,400 BTC.
The company plans to sell bonds maturing in 2032 to institutional investors, with an additional $75 million possible.
This move underscores MicroStrategy's commitment to Bitcoin as a key asset.
It reflects a growing trend of companies integrating cryptocurrency into their treasury strategies.
Analysts maintain a Strong Buy consensus on MicroStrategy's stock, with a price target of $1,793 per share.
The correlation between MicroStrategy's stock and Bitcoin prices remains significant.
Michael Saylor, the company's founder, is a vocal proponent of Bitcoin.
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