MicroStrategy shares plunge 8% after its end-of-year Bitcoin buy
MicroStrategy slumped over the last trading day after disclosing its latest Bitcoin purchase, with some market observers raising concern over leverage.
Shares in Michael Saylor’s MicroStrategy (MSTR) fell over 8% after its latest $209 million Bitcoin buy, with some observers starting to share concerns about its “leveraged” play.
MSTR made the purchase just an hour before the trading day began on the Nasdaq stock exchange, which opened at 2:30 pm UTC. Within an hour, its shares fell 5.3% from $318.89 to $302.09.
Despite a partial recovery during the session, it ended the day at $302.96, according to Google Finance data, and then fell another 3.19% in after-hours trading, bringing the price down to $293.59.
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Author: Ciaran Lyons
