Michael Saylor’s Strategy (MSTR) continues to purchase Bitcoin (BTC) as the price slides lower.
In recent days, Strategy acquired 130 additional Bitcoin at a cost of $10.7 million. The company spent an average of about $83,000 per Bitcoin on its latest purchases. Strategy, formerly known as MicroStrategy, is a software company turned serial Bitcoin acquirer.
Already the largest corporate owner of Bitcoin in the world, Strategy has a stated goal to purchase as many as 500,000 BTC. In a social media post on March 17, Strategy founder Michael Saylor announced the latest Bitcoin purchases by the Virginia-based company.
Growing Stockpile
Strategy now holds 499,226 BTC that have been bought for a little more than $33 billion at an average price of around $66,360. The company recently announced plans to raise additional capital to fund more BTC buying despite the current market downturn and macroeconomic uncertainty.
Strategy said that it plans to raise $21 billion through a stock sale to help bolster its Bitcoin portfolio. The stock of Strategy has risen 93%, or nearly doubled, in the last 12 months. Bitcoin is now trading at $83,500, having fallen about 25% from an all-time high of just over $109,000 reached in January of this year.
Is MSTR Stock a Buy?
The stock of Strategy has a consensus Strong Buy rating among 11 Wall Street analysts. That rating is based on 11 Buy recommendations issued in the past three months. The average MSTR price target of $548.91 implies 88.69% upside from current levels.
Read more analyst ratings on MSTR stock
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