Shares of leading Bitcoin treasury firm Strategy (MSTR) are down about 1.4% amid news the firm spent $100 million to acquire 850 Bitcoin last week at an average price of $117,344. 

Trading at $339.80, MSTR is now down around 5.2% in the last month, underperforming BTC itself, which is only down around 1.6% in that time. 

To make its latest purchase, the firm used around $19 million in proceeds from its STRF preferred stock offering, and more than $80 million in net proceeds from its existing $21 billion MSTR common stock offering. 

While shares have slumped on the latest Bitcoin buy, analysts at TD Cowen still see the stock as a buy. 

In a note to investors last week, analysts from the firm wrote that “management views its common stock as undervalued relative to the price of Bitcoin,” highlighting potential catalysts like the stock’s addition to the S&P 500 index and the “continued assimilation” of Bitcoin into the mainstream political and economic worlds. 

As such, TD Cowen maintains a price target of $620—an 83.4% jump from its current trading price. 

Strategy, which began buying Bitcoin in 2020, now maintains a Bitcoin treasury of 635,893 BTC valued around $72.25 billion at the time of writing—more than 10 times the size of the next largest treasury held by Bitcoin miner MARA. 

The firm operates five distinct at-the-market (ATM) offerings to help it raise funds, using the proceeds to purchase Bitcoin for its treasury. Based on data from its Monday press release, Strategy still has around $16 billion available for issuance in its $21 billion common stock offering, and more than $30 billion available for issuance across its four separate preferred stock offerings—STRF, STRK, STRC, and STRD. 

Each stock offering was unveiled earlier this year to provide Bitcoin exposure to investors of varying risk profiles. 

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