MicroStrategy stock finally takes a breather following massive BTC-inspired rally

Shares of MicroStrategy (MSTR), a business intelligence firm with considerable exposure to Bitcoin (BTC), declined sharply on Monday as profit-taking ensued following a parabolic rally over the past month.

The stock touched an intraday low of $464.51 in New York trading, representing a decline of almost 13%. It would later pare losses to trade around $500 pe share. At current values, the company has a total market capitalization of around $4.6 миллиард. На прошлой неделе, the stock peaked just below $512, отмечая новый рекордный максимум.

MSRT went parabolic after CEO Michael Saylor decided to buy Bitcoin. Источник: Yahoo Finance

The broader equity market was also under pressure on Monday, с S&п 500 Index and tech-heavy Nasdaq each falling more than half a percent.

MSRT’s pullback coincided with a sharp decline in both the price of Bitcoin and the broader crypto markets as investors took profits following a relentless surge over the past three weeks. Even with the decline, MSRT’s share price has gained a whopping 300% since last summer when CEO Michael Saylor first disclosed the company’s Bitcoin position.

MicroStrategy is the world’s largest corporate holder of Bitcoin, с участием 70,470 BTC on its books as of Monday, according to industry data.

The firm has been buying up the digital asset on the belief that Bitcoin represents a “dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”

Despite its dramatic appreciation over the past few months, Bitcoin remains a highly volatile asset. На момент написания, BTC was just under $32,000, having declined 20% над прошлым 24 часы.

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Источник: Cointelegraph

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