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Title: Microstrategy Stock Dips By 8% After $209 Million BTC Late Year Buy
The recent announcement of a massive Bitcoin purchase worth $209 million by MicroStrategy, a business intelligence firm, has been met with significant market backlash. The company’s stock plummeted by an astonishing 8% immediately after the news.
According to Google Finance, Microstrategy’s stock is currently trading at $302, down from its previous value. This sudden decline in value has raised concerns among analysts and investors alike, who are questioning the wisdom of this massive investment.
As reported earlier, MicroStrategy purchased a staggering 2,136 BTC, taking their overall holdings to an astonishing 446,400. The company’s Chairman, Michael Saylor, made the announcement on December 30th, stating that they have now acquired $27.9 billion worth of Bitcoin at an average price of $62,428 per coin.
Despite this significant buy-in, MicroStrategy’s stock has taken a hit, leaving many to wonder if this is an indication of things to come for other cryptocurrency investors.
It remains unclear as to what the cause of this sudden decline is, but it is possible that it may be due to market volatility and fear, uncertainty, or doubt (FUD) being spread by market participants.
Source: www.crypto-news.net
