MicroStrategy (MSTR) has made yet another unsurprising move in the Bitcoin market, purchasing an additional 2,138 BTC for $209 million. This marks the eighth consecutive week the company has increased its Bitcoin stash. The total number of Bitcoin holdings now sits at an impressive 446,400 BTC, making MicroStrategy the largest publicly traded company to hold Bitcoin.
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Funding Raised through Share Sales
The purchase was funded through the company’s at-the-market (ATM) program, which allows it to sell shares to raise capital. Currently, MicroStrategy has $6.88 billion left in its ATM program, positioning it well for further Bitcoin acquisitions.
Average Purchase Price for Bitcoin Rises
MicroStrategy’s average purchase price for Bitcoin now stands at $62,428, with the most recent purchase priced at $97,837 per BTC. Despite market fluctuations, the company remains committed to increasing its holdings, a strategy that aligns with the vision of Executive Chairman Michael Saylor.
While the company’s Bitcoin purchases continue, MicroStrategy’s stock has faced challenges, down 3% in pre-market trading and 40% below its record high from November.
Is MSTR Stock a Good Buy?
Analysts remain optimistic about MSTR stock, with a Strong Buy consensus rating based on a unanimous eight Buys. Over the past year, MSTR has increased by more than 380%, and the average MSTR price target of $529.57 implies an upside potential of 60.5% from current levels.
