One of the hottest Bitcoin trades in 2024 is slumping into the New Year.
As of Thursday, MicroStrategy’s share price had fallen 45% from its November peak—sliding to $300 from a record price of $543 around six weeks ago.
The Tysons, Virginia-based software firm went gangbusters on Bitcoin last year, purchasing billions of dollars worth of the cryptocurrency using equity and debt. On Monday, the company topped off its stash of 446,400 Bitcoin, worth $43 billion, with a $200 million Bitcoin purchase.
Since MicroStrategy’s share price peaked, the Bitcoin-buying behemoth has purchased BTC five different times, yet each purchase has gotten smaller. After purchasing $5.4 billion worth of Bitcoin on Nov. 25, for example, Monday’s buy represented its lightest allocation since August. That was not enough, it turned out, to staunch the stock’s prolonged plunge.
MicroStrate
Go to Source to See Full Article
Author: André Beganski
