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MicroStrategy Stock Down 36% From November High Despite Continued BTC Accumulation
Despite a recent decline of over 36% from its November peak, software giant MicroStrategy’s commitment to aggressively accumulating Bitcoin (BTC) remains unwavering. As the company continues to buy more BTC at an average cost of $62,428, questions linger about the impact on the cryptocurrency market.
In a shocking turn of events, MSTR shares closed at $302.96 on December 30, after experiencing fluctuations between $301.75 and $320.01 throughout the day. A significant 8.19% drop from previous levels led to a subsequent 3.19% decline in after-hours trading, sending the stock price as low as $293.59.
While some critics, such as gold advocate Peter Schiff, argue that MicroStrategy’s purchases are no longer substantial enough to drive BTC’s value higher, the company appears unfazed by this criticism. Led by Executive Chairman Michael Saylor, MicroStrategy has not only ignored concerns but is also preparing for future growth with a special shareholders meeting scheduled to propose increasing authorized shares and expanding financial options.
Despite the turbulence in the crypto market, MicroStrategy continues to amass an impressive 446,400 BTC, which translates to an unrealized profit of over $13 billion.
Source: cryptopotato.com
