Here's Why MicroStrategy Stock Pulled Back Today
Shares of MicroStrategy (NASDAQ: MSTR) took a big step back on Wednesday, and the only news out there is the price of Bitcoin (CRYPTO: BTC). As of 11:30 a.m. EST today, the price of Bitcoin had fallen more than 7% from all-time highs reached yesterday, and this hurts MicroStrategy's stock, which was down a whopping 20%.
If you follow MicroStrategy stock, then you know why Bitcoin is such a big deal for the company. The company's policy is to convert any cash not immediately needed for operations into Bitcoin. As of its latest update, MicroStrategy had 71,079 Bitcoin tokens. And even though the value of those assets is down today, its Bitcoin holdings are still worth over $3.17 billion as of this writing.
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Source Fool.com
