Strategy Inc. (NASDAQ:MSTR) is one of the best cryptocurrency and blockchain stocks to buy now. On January 12, Strategy Inc. (NASDAQ:MSTR) generated $1.13 billion in net proceeds from the sale of 6.8 million shares of Class A common stock.
The company sold 1.2 million shares of Variable Rate Series A perpetual stretch preferred shares for $119.1 million in net proceeds. It also had $10.3 billion in additional common stock issuance under the ATM program.
Following the sale, the company purchased 13,627 Bitcoin at an average price of $91,519 per coin. The transaction cost the company $1.25 billion, inclusive of fees and expenses. Following the purchase, the company’s total Bitcoin holdings have increased to 687,410 coins.
The purchase came just days after a Clear Street analyst reiterated a Buy rating on the stock but cut the price target to $268 from $443. Despite the price target cut, the research firm maintains a long-term bullish view of Bitcoin and believes the strategy is well-positioned to compound shareholder returns. That’s because the company is well differentiated and is a compelling vehicle for leveraged Bitcoin exposure.
Strategy Inc. is a leading provider of AI-powered enterprise analytics software for businesses and acts as a Bitcoin treasury company. It acquires and holds significant amounts of Bitcoin, offering investors exposure to the cryptocurrency through its stock and other securities.
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This article is originally published at Insider Monkey.
