MicroStrategy Continues to Buy More Bitcoin

Calls are getting picked up at a faster-than-usual rate

Laura McCandless

Deputy Editor

Dec 30, 2021 at 10:39 AM

MSTR

MicroStrategy Inc (NASDAQ:MSTR) is in the spotlight today, as Founder and CEO Michael Saylor keeps his promise of continuously buying Bitcoin (BTC). Already the cryptocurrency's largest corporate investor, MicroStrategy bought roughly 1,914 more bitcoins between Dec. 9 and Dec. 29, for around $94.2 million in cash. Currently, the company holds over 124,000 bitcoins.

At last check, MSTR is up 0.7% to trade at $559.99, as the stock fights to break out of its recent slump. Down 22.2% in the last month, the stock appears to have found a floor at the $560 region as it attempts to stage a rebound. Year-to-date, the equity is still up 44.4%.

Analysts lean bullish on MicroStrategy stock. Of the four in coverage, three carry a "strong buy" rating, while one says "hold." Meanwhile, short interest makes up an impressive 21.3% of the stock's available float.

Options traders have been much more optimistic than usual. This is per MSTR's 10-day call/put volume ratio of 3.80 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 99% of readings from the past year.

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