Strategy Inc. (MSTR) just can't stop buying Bitcoin. The company disclosed Monday that it purchased 10,624 Bitcoin for $962.7 million during the week of Dec. 1-7, funding the acquisition through stock sales. That brings Strategy's total Bitcoin hoard to 423,650 coins.
The Bitcoin Empire Grows
Strategy now controls $49.35 billion worth of Bitcoin, a significant stake considering the company owns roughly 3.1% of the 21 million Bitcoin that will ever exist. Bitcoin itself was trading slightly down at around $90,039 Monday, well within its 52-week range of $74,436.68 to $126,198.07.
The company isn't just going all-in on crypto anymore. Last quarter, Strategy established a $1.44 billion reserve in U.S. dollars to provide a cushion against market swings. The reserve, also funded by stock sale proceeds, will cover dividends on preferred stock and interest payments on outstanding debt.
"Establishing a USD Reserve to complement our BTC Reserve marks the next step in our evolution, and we believe it will better position us to navigate short-term market volatility while delivering on our vision of being the world's leading issuer of Digital Credit," said founder Michael Saylor.
Wall Street Weighs In
Despite the continued Bitcoin buying spree, Bernstein analyst Gautam Chhugani maintained an outperform rating on Monday but lowered his price target from $600 to $450. Shares of Strategy were roughly flat at $180.47 at the time of publication.
