MicroStrategy (MSTR) Stock Falls as Michael Saylor Buys More Bitcoin

  • MicroStrategy (MSTR) stock is falling after more Bitcoin (BTC-USD) purchases.
  • The company bought an additional 480 BTC for $10 million.
  • That brings its total BTC holdings to 129,699 tokens.
MSTR Stock - MicroStrategy (MSTR) Stock Falls as Michael Saylor Buys More Bitcoin

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MicroStrategy (NASDAQ:MSTR) stock is falling on Wednesday after CEO Michael Saylor announced additional Bitcoin (BTC-USD) purchases.

According to a filing with the U.S. Securities and Exchange Commission (SEC), MicroStrategy has acquired an additional 480 BTC for a total of roughly $10 million. This saw it paying roughly $20,817 per token for the cryptocurrency.

With this newest purchase, MicroStrategy now owns 129,699 BTC tokens together with its subsidiaries. The company has spent $3.98 billion to acquire these and has spent roughly $30,664 per Bitcoin on its investment.

After announcing the news this morning, shares of MSTR stock quickly started to tumble. That comes alongside recent volatility for Bitcoin as investors fear another crypto winter could be right around the corner.

Bitcoin has been having a rough time of it over the last several months as its price has continued to fall. That saw BTC slip another 3.8% over the prior 24-hour period as of Wednesday morning. The crypto is also down 44.3% over the last 12 months.

Other macro factors are also likely affecting BTC, and in turn, MSTR stock today. That includes ongoing fears of inflation and a recession, as well as talk that the Federal Reserve might jack up interest rates more than previously expected.

MSTR stock is down 4.4% as of Wednesday morning. The stock is also down 68.1% since the start of the year.

There’s more recent stock market and crypto news investors will want to know about below!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/06/microstrategy-mstr-stock-falls-as-michael-saylor-buys-more-bitcoin/.

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