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shares micro strategy Prices dropped on Tuesday Bitcoinas the company purchases more cryptocurrencies.
The stock recently fell 12%. Previously, the stock fell as much as 18%.
The move comes as MicroStrategy purchased an additional 9,245 Bitcoins for approximately $623 million, according to one company. Archive and the Securities and Exchange Commission.The company used $592.3 million in net proceeds Recent private placement offerings Convertible senior notes and excess cash to finance the purchase.
MicroStrategy made a similar move last week, buying 12,000 Bitcoins for nearly $822 million following a debt sale as the currency climbed to new all-time highs. The company currently holds a total of 214,246 Bitcoins, declare Tuesday.
MicroStrategy fell as much as 18% on Tuesday
Meanwhile, Bitcoin fell on Tuesday, falling below $63,000 at one point, about $10,000 below last week’s all-time high. MicroStrategy prefers to trade in sync with cryptocurrencies.
Key catalysts such as spot Bitcoin exchange-traded funds and April’s upcoming “halving” event, which cuts Bitcoin mining rewards in half to limit supply, have helped boost the flagship cryptocurrency and stocks tied to its performance.
MicroStrategy started out as an enterprise software provider but began adopting an aggressive Bitcoin buying strategy in 2020, trading primarily as a proxy for cryptocurrency prices since then. In February, the company said it would shift its corporate focus and brand to Bitcoin development.
MicroStrategy’s shares, which are up 108% this year compared with Bitcoin’s 50% gain, both started lower last week as investors took profits.
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