MicroStrategy now holds $13.6 billion in Bitcoin, 1% of total circulation: Canaccord

PANews reported on April 30 that Canaccord cut MicroStrategy's target share price from $1,810 to $1,590. According to reports, the company bought more Bitcoin in the first quarter and now owns a total of 214,400 BTC, worth about $13.6 billion. MicroStrategy reported a net operating loss of $53.1 million in the first quarter after deducting $191.6 million in digital asset impairment charges. The company raised more than $1.5 billion in the first quarter and used the proceeds to acquire an additional 25,250 Bitcoins. It now owns 214,400 BTC, worth about $13.6 billion. MicroStrategy's strategy is based in part on the acquisition and holding of Bitcoin. The company's total holdings account for almost 1% of the total circulation of Bitcoin. Given MicroStrategy's Bitcoin holdings, Canaccord said it has scarcity value. Canaccord maintained its buy rating while cutting MicroStrategy's share price target from $1,810 to $1,590. The stock fell 2.5% to $1,261 in after-hours trading.