Strategy Adds $180 Million in Bitcoin Ahead of Expanding BTC Push
Strategy acquired 1,895 Bitcoin for $180 million, increasing its total holdings to approximately 555,500 Bitcoin valued at $52.4 billion. The purchase was funded by selling $52 million in perpetual preferred stock and $128.5 million in common shares. Strategy can still issue $20.87 billion in preferred stock but has depleted its common stock offering. The company announced a new equity offering program to sell another $21 billion in common shares and plans to issue $21 billion in corporate debt, targeting $84 billion in total within three years. Despite a $5.9 billion loss from decreased Bitcoin values in Q1, Strategy's stock rose 29% over the past month, although it fell 4.6% to $376 per share recently. Analysts from Bernstein and Benchmark have given positive ratings and price targets of $600 and $650 per share, respectively, emphasizing Strategy's role as a Bitcoin proxy for institutional investors.
