Why Shares of MicroStrategy Plummeted Today
MicroStrategy's (NASDAQ: MSTR) stock took a hit today after the company announced that it has purchased an additional 13,005 Bitcoin tokens. The announcement came at the same time that China's central bank said that it would start cracking down on cryptocurrencies.
MicroStrategy's share price was down by as much as 10.7% and had fallen by 9.7% as of 2:33 p.m. EDT.
While MicroStrategy is technically a software company, it has essentially tied its fate to Bitcoin after continually buying the cryptocurrency. The company said today that with its latest purchase it now owns 105,085 Bitcoins with an average purchase price of about $26,080 per Bitcoin. One Bitcoin is worth about $32,380 today.
Source Fool.com
