MicroStrategy shares rise as Barclays raises price target

MicroStrategy shares rose 1.89% to close at $154.34 on October 9. Barclays maintained an Overweight rating for the company and increased its 12-month price target from $160 to $175.

MicroStrategy continues to utilize its corporate balance sheet to accumulate Bitcoin. Between October 1 and October 4, the company purchased 334 BTC for approximately $28.7 million. As of October 4, the company held 848,000 BTC, acquired for a total of $63.97 billion at an average purchase price of $75,440.70 per BTC.