MicroStrategy Spends $5.4 Billion to Buy Another 55,000 Bitcoins, Stocks Slide

MicroStrategy (MSTR) said on Monday it bought an additional 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 line following the news, but ended the session down 4%.

In a filing with the SEC, MicroStrategy said it spent $5.4 billion to acquire these bitcoins between November 18 and November 24, purchasing the bitcoins at an average price of $97,862.

The company said it used proceeds from convertible notes and stock sales to finance the purchase.

The application software company turned Bitcoin proxy has been buying tokens since 2020.

It has intensified its buying in recent weeks as Bitcoin rose to highs of over $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 held approximately 386,700 Bitcoins, acquired at a total purchase price of approximately $21.9 billion and an average purchase price of approximately $56,761 per Bitcoin.

MicroStrategy shares have enjoyed a meteoric rise this year, rising more than 515% year-to-date, although shares fell over 15% last week after short seller Citron Research said it was betting against the stock.

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However, Wall Street analysts are increasingly bullish on the stock as Bitcoin has surged and bulls believe the stock could perform.

Bitcoin has been flirting with the $100,000 mark 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 increased their price target on the stock to $600 from $290, while Benchmark raised its price target to a Street high of $640 from $450.

In an interview on Yahoo Finance’s Opening Bid podcast, Benchmark’s Mark Palmer said: “We expect the price of Bitcoin to reach $225,000 by the end of 2026 in our MicroStrategy analysis.”