MicroStrategy (MSTR), under the leadership of Executive Chairman Michael Saylor, is on a Bitcoin buying spree, marking its 12th consecutive week of purchases. Last week, the company bagged an additional 10,107 BTC, boosting its gargantuan trove to a whopping 471,107 BTC.
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Saylor shared the details on X, revealing that this latest acquisition was snapped up at an average price of $105,596 per Bitcoin. “In the week ended Jan. 26, the company bought 10,107 BTC, taking its total holdings to 471,107 BTC,” Saylor noted, emphasizing the strategic accumulation that has pushed their average purchase price to $64,511.
Shareholders Green-Light Expansion
In a recent strategic move, MicroStrategy shareholders showed robust support, approving an increase in the authorized number of Class A common shares from 330 million to a staggering 10.3 billion. This approval could pave the way for further expansion and acquisition strategies, showcasing the company’s bullish stance on Bitcoin. As Saylor aptly teased last Sunday, “Don’t stop thinking about tomorrow,” hinting at more ambitious plans on the horizon.
Is MSTR a Good Stock to Buy?
Overall, analysts have a Strong Buy consensus rating on MSTR stock based on eight Buys assigned in the past three months, as indicated by the graphic below. In addition, after a 580% surge in its share price over the past year, the average MSTR price target of $529.57 per share implies 42.7% upside potential.
