Michael Saylor's Strategy (MSTR) Just Went Even Deeper into Bitcoin

Michael Saylor's Strategy (MSTR) just went even deeper into Bitcoin. The company snapped up another 6,911 BTC last week

Michael Saylor's Strategy (NASDAQ:MSTR) has gone even deeper into Bitcoin, snapping up another 6,911 BTC last week for roughly $584 million, according to a March 24 SEC filing.

This brings the company's total Bitcoin stash to a staggering 506,137 coins—currently valued at over $44 billion.

The buy was funded by the recent sale of common stock, with Strategy raising $592.6 million by selling almost 2 million shares of common stock. This fresh capital was quickly deployed into more Bitcoin, with each coin being purchased at an average price of $84,529.

Saylor had hinted at the buy just days earlier, right after Strategy priced its $711 million preferred stock offering.

The company has now spent around $33.7 billion building its BTC war chest—at an average price of $66,608 per coin.

The market reacted positively to the move, with Strategy's stock (NASDAQ:MSTR) rising 4.8% in premarket trade Monday as Bitcoin scaled above $87,000. Other crypto names like Coinbase (NASDAQ:COIN) and Robinhood (NASDAQ:HOOD) also saw gains, even as global tariff concerns weighed on risk assets.

Despite the broader market worries, Strategy's focus remains sharply on Bitcoin, with the company's bet on the cryptocurrency getting even bigger.

As for the company's earnings potential, analysts are optimistic, with a Strong Buy consensus rating on MSTR stock.

Out of the 12 analysts covering the stock, 11 recommend buying it, while one suggests holding.

Moreover, their price targets, ranging from $350 to $800, indicate an average potential upside of 69.6% from Monday's premarket price of $512.