What's Going On With Strategy Inc. Stock Today?

Strategy Inc. (NASDAQ:MSTR) disclosed it purchased over 10,000 Bitcoin last week.

Strategy stock is showing downward bias. Where is MSTR stock headed?

What To Know: According to a Monday filing, Strategy Inc. bought 10,624 Bitcoin for $962.7 million during the period of Dec. 1-7, bringing the company’s aggregate holdings to 660,0624 Bitcoin. The company purchased the Bitcoin using proceeds for stock sales.

The company now owns $49.35 billion in Bitcoin. Bitcoin itself is trading about half a point down, hovering around $90,039. The cryptocurrency has traded within a 52-week range of $74,436.68 to $126,198.07.

Last quarter, Strategy Inc. started a $1.44 billion reserve in US dollars to weather the volatility. The company said it would use the US dollar reserve, which was made from proceeds of a stock sale, to pay dividends on its preferred stock and interest on its outstanding indebtedness.

"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 Michael Saylor, founder of the company.

Strategy Inc. ended last quarter owning about 3.1% of the 21 million bitcoin that will ever exist. On Monday, Bernstein analyst Gautam Chhugani maintained an outperform rating and lowered the price target from $600 to $450.

MSTR Price Action: Shares were roughly flat at $180.47 at the time of publication, according to Benzinga Pro.

Read More:

• Why Is Strategy’s MSTR Now Worth Less Than The Bitcoin It Owns?

Image: Shutterstock