MicroStrategy (MSTR) said on Monday it bought another 55,000 bitcoins (BTC-USD) last week for $5.4 billion, as the world’s largest cryptocurrency traded at all-time highs.
The company’s shares were trading on either side of the flat line following the news, recovering from a drop of more than 8% as of 10:45 a.m. ET.
In a filing with the SEC, MicroStrategy said it spent $5.4 billion to acquire these bitcoins between Nov. 18 and Nov. 24, purchasing the bitcoin at an average price of $97,862.
The company said it used proceeds from the convertible notes and the sale of shares to finance the purchase.
The application software company, which has become a proxy for bitcoin, has been purchasing tokens since 2020.
In recent weeks, he has stepped up his buying as bitcoin has risen to highs above $99,000 following Donald Trump’s presidential victory earlier this month.
The company’s previous weekly purchase included 51,780 bitcoins for an average price of just over $88,500 per token.
As of Sunday, MicroStrategy held approximately 386,700 bitcoins, acquired for an aggregate purchase price of approximately $21.9 billion and an average purchase price of approximately $56,761 per bitcoin.
MicroStrategy stock has had a wild run this year, up more than 515% so far this year, although shares fell more than 15% last week after short seller Citron Research said they were betting against stocks.
The short seller said in an BTC fundamentals”.
Wall Street analysts, however, have become increasingly bullish on stocks given the run on bitcoin and where they say the bulls 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 to $600 from $290, while Benchmark raised its target to a street high of $640, up from $450.
In an interview on Yahoo Finance’s Opening Bid podcast, Benchmark’s Mark Palmer said: “We assume in our MicroStrategy analysis that the price of bitcoin will reach $225,000 by the end of 2026.”
Inés Ferré is a senior business reporter at Yahoo Finance. Follow her on X in @ines_ferre.
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