MicroStrategy (MSTR) acquired an additional 25,250 bitcoin (BTC) after raising over $1.5 billion in the first quarter, bringing their total holdings to 214,400 BTC valued at around $13.6 billion, according to a report by Canaccord Genuity. The company's strategy involves holding bitcoin, with their total holdings representing nearly 1% of the total circulating supply of 19.7 million tokens. Despite reporting double-digit subscription services revenue growth in the first quarter, MicroStrategy faced a net operating loss of $53.1 million due to a digital asset impairment charge of $191.6 million. Canaccord lowered MicroStrategy's price target to $1,590 from $1,810 while maintaining a buy rating, with the stock falling 2.5% to $1,261 in after-hours trading. The analysts highlighted the appreciation of BTC and potential revaluation of the software business as key factors in determining the new price target. They also emphasized the scarcity value of MicroStrategy's bitcoin holdings, noting that it provides equity investors with exposure to the digital asset. Additionally, Canaccord mentioned the positive setup for bitcoin, citing recent approvals of U.S. BTC spot exchange-traded funds (ETFs) as a contributing factor.

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