2023-03-27 16:27:38 ET
- Microstrategy ( NASDAQ: MSTR ) shares fell nearly 7% Monday as the application software company saw higher-than-usual trading volume on a day highlighted by its activity in Bitcoin.
- Early Monday, Microstrategy ( MSTR ) said it used the proceeds from stock sales to pay off its $205M loan from Silvergate Bank that was back by Bitcoin. Microstrategy ( MSTR ) then disclosed it had bought approximately $150M more in Bitcoin.
- In a S ecurities and Exchange Commission filing Monday, Microstrategy ( MSTR ) disclosed it had acquired, 6,455 Bitcoins between February 16 and March 26. The company has made investing in Bitcoin part of its business strategy since it began purchasing the cryptocurrency three years ago.
- Wall Street analysts currently have a consensus hold rating on Microstrategy's ( MSTR ) stock, while Seeking Alpha authors give the share a rating of sell. Seeking Alpha's Quant System, which historically outperforms the stock market, gives Microstrategy a rating of hold .
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Why did Microstrategy stock fall 7% Monday? Look at the Bitcoin