MSTR stock price of Bitcoin treasury firm Strategy (formerly MicroStrategy) is climbing higher. This comes amid positive momentum driven by share purchases by insiders such as CEO Phong Le and a major new capital raising program to increase Bitcoin acquisitions.
Strategy CEO Phong Le Buys STRC Shares
According to a US SEC filing on March 23, Phong Le purchased 2,509 shares of the company’s Series A perpetual Stretch preferred stock (STRC) at an average price of $99.62. The total transaction value was approximately $249,946.
The insider investment further increased STRC stock price, making it worth considering for resuming Bitcoin acquisitions. Recently, the company paused STRC-fueled Bitcoin acquisitions as the stock plunged below $99.40. On Monday, the STRC stock hit a high of $99.95, with massive trading volume.
With the latest purchase, Phong Le’s direct ownership of STRC stock has increased to 8,009 shares. The filing also indicated that Phong Le holds 6,000 shares of Series A perpetual Strife preferred stock, 4,500 shares of Series A perpetual Stride preferred stock, and 18,902 MSTR stock.
MSTR Stock Rebounds
MSTR stock price closed 1.87% higher at $138.20 on Monday, bouncing from recent levels as Bitcoin jumped above $71,000. The intraday low and high were $133.97 and $139.93, respectively.
Trading volume increased by more than 20 million but remained below the average volume of 22 million. MSTR stock price pared recent gains to reduce the monthly return to almost 12%.
However, Wall Street analysts are bullish on MSTR stock, with an average 12-month price target of $285. The latest MSTR stock price target of $175 and $250 came from B. Riley Securities and BTIG, respectively.
MSTR Stock Price ChartMoreover, Strategy announced its ATM offering program, as CoinGape reported. The company plans to offer $21 billion of MSTR common stock and another $21 billion of STRC preferred stock in line with the 1 million BTC holdings target by 2026-end. MicroStrategy currently holds 762,099 BTC.
Meanwhile, Bitcoin has jumped 4% over the past 24 hours, with the price currently trading at $71,151. The 24-hour low and high are $67,508 and $71,782, respectively. Furthermore, trading volume has increased by 60% in the last 24 hours after Trump announced a 5-day pause of attacks on Iranian energy facilities.
Source: https://coingape.com/news/stocks/mstr-stock-price-bounces-as-strategy-ceo-phong-le-purchases-more-strc-shares/
