The software company, Microstrategy made the news after it announced that it acquired $6 million worth of Bitcoins. This made it the largest corporate holder of the crypto, according to a U.S. Securities and Exchange Commission (SEC) filing.
However, it did not seem to provide a boost to the company’s stocks, as they dropped 6% at the opening bell Tuesday following Saylor’s purchase disclosure.
MicroStrategy (NASDAQ: MSTR) stocks dropped from $200 to $193.72. MSTR has since recovered some of the losses and is now back trading at the $200 price mark.
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MSTR stock is plummeting faster than the price of the cryptocurrency, just as it surpassed bitcoin’s rise in the previous year. During one point in January, it dropped as much as 30 percent in two days.