MicroStrategy price target raised to $570 from $290 at BTIG

BTIG raised the firm’s price target on MicroStrategy (MSTR) to $570 from $290 and keeps a Buy rating on the shares. MicroStrategy’s “21/21 Plan” that was announced on October 31 and entails the company raising $4B of capital to acquire additional bitcoin “is off to a fast start,” the analyst tells investors in a research note. The firm says that since October 31, MicroStrategy has raised $6.6B of equity and used the proceeds to acquire 78,980 bitcoin to add to its bitcoin treasury stockpile of 331,200 bitcoin in total. The volatility in the shares is presenting the company with attractive capital raising opportunities, and management has done an “exceptional job using the volatility to raise additional fiat capital to acquire bitcoin,” contends BTIG. It increased the price target to reflect the recent rally in the price of bitcoin and expectations the company will continue to raise capital to acquire bitcoin.