In Monday’s pre-market trading, shares of MicroStrategy Inc. (NASDAQ:MSTR) took a hit, mirroring the performance of Bitcoin (CRYPTO: BTC) which was trading near the $58,000 mark.
What Happened: At the time of writing, MicroStrategy’s shares were down by 3.10% at $131.18 in the pre-market session, a drop from Friday’s close of $135.37, according to Benzinga Pro.
Since 2020, MicroStrategy has linked its fortunes to Bitcoin, adopting it as its primary reserve asset. This groundbreaking move by a publicly listed company has resulted in substantial stock returns, even surpassing Bitcoin's gains. Consequently, the company is often dubbed the “Bitcoin Development company” due to its strong association with the cryptocurrency.
Why It Matters: MicroStrategy’s adoption of Bitcoin as its primary reserve asset in August 2020 marked a turning point for the company. Since then, the company’s shares have soared by 839%, outperforming even Bitcoin’s 393% growth.
However, the company’s decision to split its stock during a bear market was met with criticism. Economist and Bitcoin critic Peter Schiff has viewed this move as an act of desperation, noting that the company’s shares were down 35% from their high. This recent dip in MicroStrategy’s shares, following Bitcoin’s performance, further underscores the company’s vulnerability to the volatile cryptocurrency market.
Read Next:
- Bitcoin’s Line In The Sand Is $60K, But Careful With Ethereum And Solana, Says Top Technical Analyst
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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