MicroStrategy Sells 32 BTC, Sees 8% Stock Drop; Canaccord Cuts Target to $163
MSTR•MicroStrategy sold 32 bitcoins, its first crypto sale since December 2022, triggering a retail-led sell-off as BTC slid below $62,000, down over 8% in 24 hours. Canaccord cut MicroStrategy’s price target by 27% to $163 while maintaining a Buy rating and Mizuho trimmed its target to $265 with an Outperform rating.
1. Bitcoin Price Slide and Share Decline
MicroStrategy shares fell over 7% in overnight trading following an 8% slump in bitcoin to below $62,000, its weakest level since 2024, as broader crypto liquidation pressures intensified and retail investor sentiment turned sharply bearish.
2. Strategic Bitcoin Sale Details
This week MicroStrategy sold 32 bitcoins—the first crypto sale since December 2022—via its capital markets vehicle, positioning the sale as a more efficient way to fund dividend distributions than issuing new equity.
3. Analyst Target Revisions and Ratings
Canaccord cut its price target on MicroStrategy to $163 from $224—a 27% reduction—while upholding a Buy rating, and Mizuho trimmed its target to $265 with an Outperform rating, reflecting caution over the crypto downturn but support for the company's long-term bitcoin accumulation strategy.
