Why MicroStrategy Stock Pulled Back Today
Shares of MicroStrategy (NASDAQ: MSTR) pulled back on Friday, along with many other stocks on the market. Short-term fear is taking hold right now, sparking sell-offs in stocks that have enjoyed stellar returns of late, including MicroStrategy. However, the company did make a move today that investors should be aware of, even though it likely didn't contribute to its 5% decline as of 2:30 p.m. EST.
Today, MicroStrategy announced it bought Bitcoin yet again. It was able to buy 205 Bitcoins with an extra $10 million it had -- the company's reserve policy is to hold Bitcoin instead of cash. This is the fourth time in 2021 the company has converted surplus cash into Bitcoin. Previously, it bought 328, 295, and 314 Bitcoins for $15 million, $10 million, and $10 million respectively.
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Source Fool.com
