tiprankstipranks
Market News

Strategy (MSTR) Buys Another 130 Bitcoin as Price Slumps

Strategy (MSTR) Buys Another 130 Bitcoin as Price Slumps

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

Questions or Comments about the article? Write to editor@tipranks.com