MicroStrategy Incorporated purchased an additional 13,627 BTC. The acquisition cost approximately $1.25 billion. The company funded the transaction using net proceeds from selling Class A common stock and Series A perpetual preferred shares. MicroStrategy's total Bitcoin holdings now stand at 687,410 coins.
A Clear Street analyst recently reiterated a 'Buy' rating on the stock. The analyst simultaneously lowered the price target. Institutional interest in MicroStrategy as a Bitcoin proxy continues to grow. The Louisiana State Employees' Retirement System disclosed a $3.2 million stake in the company.
Market-watchers speculate about further large purchases. This speculation follows a cryptic social media post from Executive Chairman Michael Saylor.