MicroStrategy (MSTR) Is on a Bitcoin Buying Spree, Marking Its 12th Consecutive Week of Purchases

MicroStrategy (MSTR), under the leadership of Executive Chairman Michael Saylor, is on a Bitcoin buying spree, marking its 12th consecutive week of purchases.

Tech firm MicroStrategy (NASDAQ:MSTR) has continued to ramp up its Bitcoin (CRYPTO:BTC) purchases, now marking its 12th consecutive week of buying the digital asset.

Last week, the company added 10,107 BTC to its already gargantuan trove, bringing the total to 471,107 BTC, as shared by Executive Chairman Michael Saylor in an X filing.

On average, MicroStrategy is now said to have purchased each Bitcoin at $64,511, based on the latest acquisition, which was snapped up at an average price of $105,596 per BTC.

Shareholders OK Expansion

In another strategic move, MicroStrategy shareholders approved an increase in the authorized number of Class A common shares from 330 million to 10.3 billion, a move that could support further expansion and acquisition strategies.

Saylor himself teased further ambitious plans on Sunday, as noted by Barron's, with a comment on the company being fully authorized to continue the Bitcoin accumulation strategy.

"Don't stop thinking about tomorrow," Saylor said in a tweet, hinting at the next set of plans.

Is MSTR a Good Stock to Buy?

According to eight MSTR stock recommendations from analysts in the past three months, there is a Strong Buy consensus on MSTR stock, as shown in the graphic below.

Moreover, 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.