2024-04-30 19:06:21 ET
MicroStrategy (NASDAQ: MSTR) had the misfortune to report its latest set of earnings at a time when its most important asset was on the decline.
MicroStrategy is a niche tech company that has almost entirely transformed itself into basically an institutional Bitcoin (CRYPTO: BTC) holder. It published first-quarter results at a time when the cryptocurrency was going through several days of declines. That, compounded with generally weak fundamentals, drove MicroStrategy's share price down by almost 18% on Tuesday.
MicroStrategy proudly bills itself as the "largest corporate holder of Bitcoin," which is fantastic when the leading Crypto is on the rise, but not so impressive when it's in the doldrums... like now.
For further details see:
Why MicroStrategy Stock Plummeted by Nearly 18% on Tuesday