Strategy (MSTR) Buys Another $110 Million of Bitcoin
Strategy (MSTR) continues to purchase Bitcoin (BTC) even as the price rises.
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In the past week, the software company turned serial Bitcoin acquirer bought an additional 1,045 BTC for $110.2 million. The company, led by founder Michael Saylor, paid an average purchase price of $105,426 each for its latest Bitcoin accumulation.
Strategy, formerly known as MicroStrategy, now owns 582,000 Bitcoin worth $62.5 billion. The company is the largest corporate owner of BTC in the world. Strategy's average purchase price for its Bitcoin holdings is $70,086 per digital token.
Funding Purchases
Last week's buys were funded via at-the-market sales of Strategy's preferred stock, according to a regulatory filing with the U.S. Securities and Exchange Commission (SEC). The company remains committed to its focus on aggressively acquiring Bitcoin.
Strategy's stock has risen 25% this year to trade at $374.47 per share. The price of Bitcoin is currently right around $107,500, having gained 12% on the year.
Is BTC a Buy?
Most Wall Street firms don't offer ratings or price targets on Bitcoin, so we'll look instead at its three-month performance. As one can see in the chart below, the price of BTC has risen 34.14% in the last 12 weeks.
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