MicroStrategy Inc MSTR is trading lower Tuesday morning amid continued weakness in Bitcoin BTC/USD.
What Happened: MicroStrategy announced that it purchased an additional 13,005 Bitcoin for approximately $489 million in cash at an average price of approximately $37,617 per Bitcoin.
The business intelligence company now holds approximately 105,085 Bitcoin at an average cost of approximately $26,080 each.
Related Link: MicroStrategy Stock Falls After Bitcoin Purchase: A Technical Analysis
Citigroup analyst Tyler Radke maintained MicroStrategy with a Sell rating and lowered the price target from $450 to $360 on Tuesday.
Price Action: Bitcoin is down 44.47% over a three-month period.
MicroStrategy has traded as high as $1,315 and as low as $113.55 over a 52-week period.
At last check Tuesday, the stock was down 8.85% in premarket trading at $532.
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