MicroStrategy holds 1% of total Bitcoin circulation, brokerage Canaccord lowers target price

Table of Contents

MicroStrategy's Bitcoin Holdings Reach 1% of Total Circulating Supply

CoinDesk cited the latest research report from Canaccord Genuity, stating that MicroStrategy raised over $1.5 billion in the first quarter and used all the funds to purchase an additional 25,250 BTC. The current holding data is as follows:

• Total Holdings: 214,400 BTC

• Total Cost: $7.54 billion

• Total Value: $13.6 billion

• Average Cost: $35,180 per BTC

According to BitcoinTreasuries, MicroStrategy's total BTC holdings now exceed 1% of the total circulating supply of Bitcoin, ranking at the top of all publicly listed companies.

Additionally, MicroStrategy could have opted for the new "Digital Assets Fair Value Accounting Standards," but still recognized a digital asset impairment of up to $192.8 million.

MicroStrategy Continues to Buy Bitcoin, Software Losses, Unrecognized BTC Fair Value

Canaccord Lowers MicroStrategy's MSTR Price Target

Canaccord has reduced MicroStrategy's price target from $1,810 to $1,590, but maintains a "Buy" rating.

Canaccord analyst Joseph Vafi stated:

Given that MSTR's stock price still carries a premium of 71% compared to its Bitcoin holdings, we do not believe that the rise in Bitcoin prices and the valuation increase in its software business will be the driving force behind MSTR's rise.

The good news is that Canaccord remains optimistic about the overall outlook for Bitcoin:

The Bitcoin spot ETF has brought strong adoption rates, and with the recent Bitcoin halving, prices may further increase.