MicroStrategy Holds 1% Total Bitcoin Circulation in Portfolio, Canaccord Securities Lowers Target Price

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MicroStrategy’s Bitcoin holdings reach 1% of circulating supply
MicroStrategy lowers MSTR price target
MicroStrategy’s Bitcoin holdings reach 1% of circulating supply
CoinDesk
Quoting brokerage firm Canaccord Genuity’s latest research report, MicroStrategy raised over $1.5 billion in the first quarter and used all the funds to purchase an additional 25,250 BTC. The current holdings are as follows:
Total holdings: 214,400 BTC
Total cost: $7.54 billion
Total value: $13.6 billion
Average cost: $35,180 per BTC
According to BitcoinTreasuries, MicroStrategy’s total BTC holdings now exceed 1% of the total circulating supply of Bitcoin, making it the top holder among all publicly listed companies.
Furthermore, MicroStrategy could have chosen the new “Digital Asset Fair Value Accounting Guidance,” but still recognized a digital asset impairment of up to $192.8 million.
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(MicroStrategy continues to buy Bitcoin, software losses, unrecorded BTC fair value)
MicroStrategy lowers MSTR price target
Canaccord, the brokerage firm, has lowered MicroStrategy’s price target from $1,810 to $1,590, but maintains a “buy” rating.
Canaccord analyst Joseph Vafi stated:
Considering MSTR’s premium to its Bitcoin holdings remains as high as 71%, we do not believe the rise in Bitcoin or the valuation of its software business will be the driving force for MSTR’s increase.
The good news is that Canaccord remains optimistic about the overall prospects of Bitcoin:
The Bitcoin spot ETF brings strong adoption, coupled with the recent Bitcoin halving, the price may further rise.
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Further Reading
MicroStrategy targeted by short-selling firm Kerrisdale Capital, stock price drops 11%
MicroStrategy founder predicts AI and ETF will fuel Bitcoin frenzy in the next decade