Why MicroStrategy Stock Plunged 15.1% Today
Shares of MicroStrategy (NASDAQ: MSTR) plunged as much as 15.1% in trading on Monday as the value of Bitcoin (CRYPTO: BTC) plummeted. Shares have recovered slightly and were down just 8.2% at 1 p.m. ET today as Bitcoin has recovered slightly as well.
The big moves for MicroStrategy have been caused by Bitcoin because of the company's high exposure to the cryptocurrency. MicroStrategy had 114,042 bitcoin worth $2.406 billion on its balance sheet as of Sept. 30, 2021, with plans to buy even more. That position would be worth $3.90 billion today, which would be down nearly 50% from its peak.
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Source Fool.com
