Strategy (MSTR), formerly known as MicroStrategy, has resumed its Bitcoin buying spree, scooping up an additional 7,633 BTC, bringing its staggering total to 478,740 BTC. Executive Chairman Michael Saylor shared the news on X, revealing that the company invested a hefty $742.4 million in Bitcoin last week at an average price of $97,255 per coin. This latest purchase has nudged their overall average cost per Bitcoin up to $65,033.
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Strategy Paused Bitcoin Buys on Disappointing Q4 Loss
The Tysons Corner, Virginia-based company paused its cryptocurrency acquisitions the previous week, likely due to a blackout period coinciding with its earnings announcement. On February 6, Strategy reported a notable fourth-quarter net loss. This was a huge shift from the profit reported in the same period last year. This recent acquisition was funded through proceeds from selling shares and a perpetual preferred equity offering of Strike (STRK).
Saylor, known for his cryptic yet bullish tweets, hinted at the purchase with his typical flair: “Death to the blue lines. Long live the green dots.” This move reaffirms Strategy’s commitment to Bitcoin amidst a fluctuating market, signaling a strong belief in the cryptocurrency’s value proposition.
Is MSTR Stock a Good Buy?
Turning to Wall Street, MSTR stock has a Strong Buy consensus rating based on 11 unanimous Buys assigned in the last three months. At $548.91, the average Strategy price target implies a 67.6% upside potential. Shares of the company have gained more than 350% in the past year.
