MicroStrategy (NASDAQ:MSTR), the largest corporate holder of Bitcoin in the world, will purchase more BTC this week and will publicly announce details of its latest crypto acquisition on 21 April, two sources familiar with the matter informed London Insider.
The sources did not specify whether the latest Bitcoin purchase will be financed by issuing stock or via its various corporate bond offerings.
MicroStrategy added to its Bitcoin treasury last week, with London Insider exclusively reporting this on 12 April and the company officially announcing the acquisition two days later on 14 April.
Specifically, between April 7 and April 13, 2025, MicroStrategy sold approximately 959,712 shares of its Class A common stock. The transaction raised $285.7 million in net proceeds, which the company immediately used to purchase 3,459 bitcoins at an average price of $82,618, including associated fees and expenses.
With this latest purchase, MicroStrategy’s Bitcoin holdings now total 531,644 BTC, acquired at an average price of $67,556 each. The company’s total Bitcoin investment amounts to approximately $35.92 billion.
Expanding ATM Programs
The stock sales were made through MicroStrategy’s existing at-the-market (ATM) offering programs. The first ATM program, launched on October 30, 2024, allows for up to $21 billion in sales of Class A common stock. A second ATM program, for its 8.00% Series A perpetual preferred stock (NASDAQ: STRK), was introduced on March 10, 2025, with the same issuance cap.
MicroStrategy still has $20.97 billion available for issuance under the STRK program. These ATM offerings are instrumental in fueling the company’s aggressive Bitcoin acquisition strategy.
Financial Metrics and Market Sentiment
MicroStrategy’s market capitalization currently stands at $78.1 billion. However, InvestingPro notes potential financial risk indicators, including a current ratio of 0.71, suggesting some liquidity challenges. The company also carries a beta of 3.47, implying high volatility relative to the market.
Despite reporting a substantial $5.91 billion unrealized loss on its Bitcoin holdings in Q1 2025—largely due to new accounting standards requiring fair value representation—MicroStrategy was able to offset this with a $1.69 billion income tax benefit.
Analyst Reactions: Mixed Signals
Investor sentiment is divided. Benchmark has reaffirmed its Buy rating on MicroStrategy with a $650 price target, while TD Cowen echoed this view with a $550 target, citing confidence in the company’s new fixed-income strategies designed to support further Bitcoin acquisitions.
However, Monness Crespi Hardt downgraded the stock to Sell, reducing their price target to $220. Their concern lies in the company’s growing reliance on convertible debt and questions about its long-term ability to sustain its aggressive Bitcoin strategy amid rising market competition.