MicroStrategy (MSTR) said Monday it bought another 55,000 bitcoins (BTC-USD) for $5.4 billion last week, as the world’s largest cryptocurrency traded at an all-time high.
The company’s shares traded on either side of the flat following the news, falling about 3% at 11:50 a.m. ET.
In a filing with the SEC, MicroStrategy said it spent $5.4 billion to acquire these bitcoins between November 18 and 24, purchasing the bitcoin at an average price of $97,862.
The company said it used proceeds from convertible bonds and stock sales to finance the purchase.
The application software company turned bitcoin proxy has been purchasing tokens since 2020.
In recent weeks, it has intensified its buying as Bitcoin has recovered to highs above $99,000 following Donald Trump’s presidential victory earlier this month.
The company’s previous weekly purchase included 51,780 bitcoins at an average price of just over $88,500 per token.
As of Sunday, MicroStrategy owned approximately 386,700 bitcoins, acquired for a total purchase price of approximately $21.9 billion and an average purchase price of approximately $56,761 per bitcoin.
Shares of MicroStrategy have been on a wild run this year, up more than 515% year to date, although shares fell more than 15% last week after short seller Citron Research said it was betting against the stock.
The short seller said in an
However, Wall Street analysts have become increasingly bullish on the stock given Bitcoin’s rise in price and where bulls think it could be headed.
Bitcoin has been flirting with $100,000 since last Friday, reaching highs of over $99,400.
Read more: Bitcoin breaks another record: is this a good time to invest?
Analysts at Bernstein raised their price target on the stock from $290 to $600, while Benchmark raised its price target from $450 to a street high of $640.
In an interview on Yahoo Finance’s Opening Bid podcast, Benchmark’s Mark Palmer said, “We assume in our analysis of MicroStrategy that the price of Bitcoin will reach $225,000 by the end of 2026.”
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X @ines_ferre.
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