MicroStrategy (MSTR) stated Monday it bought one other 55,000 bitcoins (BTC-USD) final week for $5.4 billion because the world’s largest cryptocurrency was buying and selling at all-time highs.
Shares of the corporate traded on either side of the flat line following the information however closed the session down 4%
In a submitting with the SEC, MicroStrategy stated it spent $5.4 billion to accumulate these bitcoins between Nov. 18 and Nov. 24, shopping for the bitcoin at a mean worth of $97,862.
The corporate stated it used proceeds from convertible notes and share gross sales to fund the acquisition.
The applying software program firm, which has develop into a bitcoin proxy, has been shopping for tokens since 2020.
In latest weeks, it has intensified its purchases as bitcoin has rallied to highs above $99,000 following Donald Trump’s presidential win earlier this month.
The corporate’s prior weekly buy included 51,780 bitcoins for a mean worth of simply over $88,500 per token.
As of Sunday, MicroStrategy held roughly 386,700 bitcoins, acquired for an combination buy worth of about $21.9 billion and a mean buy worth of roughly $56,761 per bitcoin.
MicroStrategy inventory has been on a wild run this 12 months, up greater than 515% 12 months up to now, although shares fell over 15% final week after quick vendor Citron Analysis stated they had been betting towards the inventory.
The quick vendor stated in an X put up that whereas the agency stays bullish on bitcoin — and was bullish on MicroStrategy’s bitcoin play years in the past — the corporate’s inventory has “utterly indifferent from BTC fundamentals.”
Wall Road analysts, nonetheless, have been more and more bullish on the inventory given bitcoin’s run and the place bulls say it may very well be headed.
Bitcoin has been flirting with $100,000 since final Friday, reaching highs of greater than $99,400.
Learn extra: Bitcoin clears one other report: Is that this an excellent time to speculate?
Analysts at Bernstein raised their worth goal on the inventory to $600 from $290, whereas Benchmark raised its goal to a Road excessive of $640, up from $450.
In an interview on Yahoo Finance’s Opening Bid podcast, Benchmark’s Mark Palmer stated, “We assume in our evaluation of MicroStrategy, that the value of bitcoin will attain $225,000 by the top of 2026.”
Ines Ferre is a senior enterprise reporter for Yahoo Finance. Observe her on X at @ines_ferre.
