MicroStrategy (MSTR) just went even deeper into Bitcoin. The company snapped up another 6,911 BTC last week

MicroStrategy (MSTR) just went even deeper into Bitcoin. The company snapped up another 6,911 BTC last week for around $584 million, according to a March 24 SEC filing. That brings its total stack to a jaw-dropping 506,037 Bitcoin—worth over $40 billion at current prices.

MicroStrategy (NASDAQ:MSTR) went even deeper into Bitcoin. The company bought 6,911 BTC last week for about $584 million, according to a March 24 SEC filing.

What Happened: The company funded the purchase with proceeds from a recent stock sale. It sold nearly 2 million shares of common stock for $592.6 million. The fresh capital was quickly deployed into more Bitcoin, which it bought at an average price of $84,529.

Saylor hinted at the buy just days earlier, when MicroStrategy priced its $711 million preferred stock offering.

The company has now spent roughly $33.7 billion building its BTC war chest, which it began in 2015 at an average price of $66,608 per coin.

The company's Bitcoin holdings are now valued at over $44 billion at current prices.

MicroStrategy's stock soared 4.8% in premarket trading Monday as Bitcoin rose above the $87,000 level.

Other crypto-related names such as Coinbase (NASDAQ:COIN) and Robinhood (NASDAQ:HOOD) saw gains. Global tariff worries could be weighing on risk assets.

Related Article: MicroStrategy's Stock Surges As Bitcoin Hovers Near Key Level

Why Is MSTR Stock Up?

Analysts are optimistic about MSTR stock with a Strong Buy consensus rating, based on 11 Buys and one Hold, reports TipRanks.

As of Monday morning, MSTR stock has increased by more than 70% over the past year. The average MSTR price target of $548.91 implies an upside potential of 69.6% from current levels.

Top MGR I Focused on Bitcoin Strategy- A Deep Dive: A recent interview with the CEO of MicroStrategy (NASDAQ:MSTR), provides valuable insights into the company's Bitcoin strategy and its impact on the crypto market.

Here are some key takeaways:

* MicroStrategy's Bitcoin holdings have become a significant portion of its market cap, positioning the company as a major player in the crypto domain.

* The company's commitment to Bitcoin is evident in its continued purchases despite market volatility and macroeconomic concerns.

* MicroStrategy's stock price has responded positively to its Bitcoin investments, with the stock price nearly tripling since the beginning of 2020.

* Despite criticism regarding the company's high valuation and potential for stock dilution, investors have largely rewarded MicroStrategy's bold strategy.

"We're just trying to create value for our shareholders in the best, most legal, and ethical way we can," Munger said. "If you have a stock that goes up sevenfold in three years, and they're still complaining, I think they're being ridiculous."

Also Read: Is MSTR Stock A Buy, Sell, or Hold?