Why Strategy Stock Is Plummeting Today
Shares of Strategy (NASDAQ: MSTR) are trading lower on Tuesday. The company's stock lost 11.7% as of 12:25 p.m. ET and had lost as much as 12.6% earlier in the day. The drop comes as the S&P 500 (SNPINDEX: ^GSPC) lost 0.9% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 1.6%.Strategy, known as MicroStrategy until earlier this month, announced on Monday that it had completed its private offering, raising $2 billion in capital, which it used to buy additional Bitcoins.The company purchased 20,356 Bitcoins at an average price of $97,514. Its total reserves now amount to just shy of 500,000 Bitcoins, representing more than 2% of all Bitcoins that will ever be mined.Continue reading
Shares of Strategy (NASDAQ: MSTR) are trading lower on Tuesday. The company's stock lost 11.7% as of 12:25 p.m. ET and had lost as much as 12.6% earlier in the day. The drop comes as the S&P 500 (SNPINDEX: ^GSPC) lost 0.9% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 1.6%.
Strategy, known as MicroStrategy until earlier this month, announced on Monday that it had completed its private offering, raising $2 billion in capital, which it used to buy additional Bitcoins.
The company purchased 20,356 Bitcoins at an average price of $97,514. Its total reserves now amount to just shy of 500,000 Bitcoins, representing more than 2% of all Bitcoins that will ever be mined.
