MicroStrategy Sinks After Nasdaq 100 Inclusion: Bitcoin Bet Under Fire?
Shares of MicroStrategy Inc. (NASDAQ:MSTR) fell more than 8.5% Monday, marking a rough debut to its nascent tenure among the Nasdaq 100.
The software company and top corporate Bitcoin (CRYPTO: BTC) holder has struggled lately, logging its fifth losing session in the past six sessions and plunging over 37% since its all-time high last month.
Why Is MicroStrategy Falling?
On Monday, MicroStrategy announced it sold $561 million in common stock to purchase an additional 5,262 Bitcoins at an average price of $106,662 per coin. This brings the company’s total Bitcoin holdings to a staggering 444,262 BTC.
Yet, both the size and the timing of this purchase raised eyebrows among traders and analysts.
The latest Bitcoin purchase was Michael Saylor‘s smallest to date. It’s a sharp contrast to the bold, big-ticket acquisitions that have defined his crypto strategy thus far.
The average price paid for the new Bitcoin stash is roughly 12% above current …
About The Author
