MicroStrategy, largest corporate holder of bitcoin, drops as much as 18% as cryptocurrency falls

MicroStrategy shares experienced a sharp decline on Tuesday in tandem with the downward trajectory of bitcoin prices, as the company continued its acquisition spree of the cryptocurrency.

The stock recorded a 12% decrease by the end of the trading session, having earlier plunged by as much as 18%.

This drop coincided with MicroStrategy’s purchase of an additional 9,245 bitcoins, amounting to approximately $623 million, as disclosed in a filing with the U.S. Securities and Exchange Commission.

Utilizing $592.3 million from the net proceeds of a recent private offering of convertible senior notes and surplus cash, the company executed this latest acquisition, CNBC reported.

READ MORE: https://www.cnbc.com/2024/03/19/microstrategy-largest-corporate-holder-of-bitcoin-drops-as-much-as-18percent.html

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