Why Microstrategy Stock Is Plummeting Today
(NASDAQ: MSTR) stock saw big sell-offs in Tuesday's trading. As of 3:15 p.m. ET, the company's share price was down 11% amid a 1.1% pullback for the S 500 index and a 1.9% decline for the Nasdaq Composite index. Meanwhile, the price of Bitcoin (CRYPTO: BTC) was down 5% over the past 24 hours.
With its heavy investments in the market-leading cryptocurrency, MicroStrategy has effectively turned itself into a bet on Bitcoin. With the token losing ground today and the broader stock market facing some intense selling pressures, the company's share price is tumbling.
Bitcoin enjoyed a strong rally in yesterday's trading, but it's giving up those gains today as investors teeter back to being more risk-averse. The pullback for Bitcoin is even more impactful for MicroStrategy because the company just disclosed on Monday that it had bought an additional $101 million worth of Bitcoin across the final two days of 2024.
Source Fool.com
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