Leading business intelligence company MicroStrategy has exhibited a further commitment to its Bitcoin strategy. The firm has boosted its convertible note offering by 40% to $700m, with the resultant funds earmarked for additional Bitcoin purchases. Parental firm Bernstein has backed this strategy, initiating coverage of MicroStrategy with a $2890 price target and predicting the bitcoin price could hit $200,000 in the near future. Bernstein analysts are forecasting that the cryptocurrency could reach $1m by 2033.
MicroStrategy also plans to raise $500m in a stock sale in order to garner more resources to invest in Bitcoin. Virtu Financial LLC has increased its stock position in MicroStrategy, signaling strong trust in the firm's Bitcoin-centric strategy.
Despite this bullish attitude, MicroStrategy and its founder, Michael Saylor, have also been hit with a $40m tax fraud lawsuit. Regardless, Bernstein maintains a positive perspective, stating MicroStrategy is building the 'world's largest bitcoin business' and is set for major gains.
Microstrategy News Analytics from Thu, 30 May 2024 07:00:00 GMT to Sun, 16 Jun 2024 18:19:03 GMT - Rating 7 - Innovation 5 - Information 6 - Rumor -3
