Shares of MicroStrategy tumbled on Tuesday with the price of bitcoin, as the company bought even more of the cryptocurrency.
The company bought an additional 9,245 bitcoins for about $623 million, according to a filing with the Securities and Exchange Commission.
MicroStrategy used the net proceeds from a private offering of convertible senior notes and excess cash to make this purchase.Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly, purchasing 12,000 bitcoins for close to $822 million following a debt sale as bitcoin was climbing to all-time highs.
Meanwhile, bitcoin dropped about 5% to roughly $63,000 – about $10,000 below last week's record high. MicroStrategy tends to trade in tandem with the cryptocurrency. Key catalysts like spot bitcoin exchange traded funds and the upcoming"halving" event in April — which cuts the bitcoin mining reward in half to limit the supply — have helped buoy the flagship crypto and the stocks tied to its performance.MicroStrategy launched as a provider of enterprise software, but began employing an aggressive bitcoin buying strategy in 2020 and has primarily traded as a proxy for the crypto's price since then.
MIcroStrategy's stock is now up 108% this year compared to bitcoin's 50% run – both began turning lower last week as investors took profits.31-year-old earns $220,000 a year and saves 75% of his salary by living with his parents: ‘I'm grateful for this choice'
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MicroStrategy, largest corporate holder of bitcoin, drops as much as 18% as cryptocurrency fallsShares of MicroStrategy tumbled on Tuesday with the price of bitcoin, as the company bought even more of the cryptocurrency.
Read more »
'$1 Million Bitcoin' Advocate Samson Mow Owns Bitcoin ETFs, but He Sold MicroStrategy SharesProminent Bitcoiner Mow makes public confession about BTC-related assets he holds
Read more »
A portion of Gibbs Street closed on Feb. 18 for Eastman school building improvementsRochester, N.Y. — The City of Rochester issued a Motorist Advisory for Gibbs Street in Downtown Rochester.A Portion of Gibbs Street, from East Avenue to E. Main
Read more »
Weekly Horoscope: February 18 - February 24See what this weekly horoscope has in store for you, including the start of Pisces season bringing big feelings.
Read more »
Improved Vision Pro 2 could be here in 18 monthsAlan, an ardent smartphone enthusiast and a veteran writer at PhoneArena since 2009, has witnessed and chronicled the transformative years of mobile technology. Owning iconic phones from the original iPhone to the iPhone 11 Pro Max, he has seen smartphones evolve into a global phenomenon.
Read more »
The 18 Best Dressed Stars at the 2024 BAFTAsStars like Dua Lipa, Florence Pugh, and Taylor Russell embraced classic Hollywood glamour—but they had fun with it, too.
Read more »