Strategy Inc. (MSTR) Eyes More Bitcoin Purchase on €620 million Injection

Strategy Inc. (NASDAQ:MSTR) is one of the best cryptocurrency stocks to buy for the long term. On November 11, TD Cowen analyst Lance Vitanza reiterated a Buy rating on Strategy Inc. (NASDAQ:MSTR) and a $535 price target. The positive stance follows the company’s successful IPO of Euro-denominated preferred stock.

Strategy Inc. (MSTR) Eyes More Bitcoin Purchase on €620 million Injection

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The public offering, which exceeded expectations, ultimately raised €620 million. The capital injection strengthens the company’s financial position, as it is expected to use the financing to purchase additional bitcoin, thereby strengthening its treasury without diluting common equity.

According to the analyst, the strategic expansion into the European market and the expected increase in Bitcoin assets affirm the company’s growth potential. Likewise, on November 10, the company purchased 487 Bitcoins for $49.9 million at an average price of $102,557 per bitcoin. The purchase has increased the company’s total holdings to 641,692 bitcoin acquired at an average price of $74,079 a coin. In addition, innovative financial maneuvers and market positioning affirm why the stock is a Buy.

Strategy Inc. (NASDAQ:MSTR) is an enterprise software company that provides AI-powered business intelligence and analytics software. It is also the largest corporate owner of Bitcoin, having adopted it as its primary treasury reserve asset.

While we acknowledge the potential of MSTR to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MSTR and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.