Analysts believe that MicroStrategy Inc.'s stock could rise even more after it acquired Bitcoin during the bull market.
Analysts believe that MicroStrategy Inc.'s stock could rise even more after it acquired Bitcoin during the bull market.
Analyst Andrew Harte recently increased his price prediction for the company's stock to $1,800, according to Bloomberg, indicating a possible gain of at least 10% over its current trading price. The revised goal is a substantial increase over the $780 projection.
In the last month, MicroStrategy's stock has risen at a rate that has exceeded many Wall Street projections. As of March 18, the company has approximately 214,000 Bitcoin. Its holdings have increased in tandem with, if not more than, the price hikes of the cryptocurrency. Even though the stock hit an intraday high of $1,999 in March, its current valuations are still higher than those of the majority of experts.
Due to the impending halving of the Bitcoin supply, which is anticipated to take place later this month, the price of the cryptocurrency usually rises. MicroStrategy's success has been largely attributed to Bitcoin's over 50% increase to all-time highs this year, which has allowed the company to acquire more digital assets through capital fundraising.
Out of all public firms, MicroStrategy presently holds the largest Bitcoin position. Following its most recent acquisition in March, the business now owns close to 1% of all Bitcoin.
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