MicroStrategy Inc (NASDAQ:MSTR) shares are trading higher Tuesday. Benchmark raised its price target after the company announced plans to buy more Bitcoin (CRYPTO: BTC).

What Happened: Benchmark analyst Mark Palmer maintained MicroStrategy with a Buy rating on Tuesday and raised the price target from $300 to $450.

Palmer joins multiple other analysts who have adjusted price targets since MicroStrategy reported third-quarter financial results and announced plans to raise $42 billion over the next three years to keep buying Bitcoin.

Late Monday, MicroStrategy announced a proposed private offering of $1.75 billion worth of its 0% convertible senior notes due 2029. The company will offer the shares in a private offering to qualified institutional buyers. MicroStrategy also plans to grant the initial purchasers a three-day period to purchase up to an additional $250 million worth of the notes.

MicroStrategy said it intends to use the net proceeds from the offering to buy more Bitcoin.

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The proposed offering comes after MicroStrategy announced that it acquired approximately 51,780 Bitcoin between Nov. 11 and Nov. 17 for $4.6 billion in cash.

As of Nov. 17, MicroStrategy held a total of 331,200 Bitcoin purchased at an average price of approximately $49,874 per coin.

MSTR Price Action: MicroStrategy shares gained approximately 13% on Monday, and the stock is up more than 500% year-to-date. MicroStrategy shares were up 0.91% at $388.29 at the time of publication Tuesday, according to Benzinga Pro.

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