MicroStrategy Stock Dropped Nearly 18% on Tuesday

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MicroStrategy (NASDAQ: MSTR) recently reported their first-quarter results, and unfortunately for them, it came at a time when their main asset, Bitcoin (CRYPTO: BTC), was experiencing a decline. MicroStrategy has positioned itself as the largest corporate holder of Bitcoin, which is great when the cryptocurrency is on the rise, but not so impressive during a downturn. This, along with weak fundamentals, led to an 18% drop in MicroStrategy’s share price.

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Despite their impressive Bitcoin holdings totaling 214,400 coins, acquired at an average price of $35,180 per coin, MicroStrategy’s financial performance left investors feeling uneasy. With revenue down from the previous quarter and a significant net loss, the company faces some challenges in the current market environment.

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Eric Volkman has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

Why MicroStrategy Stock Plummeted by Nearly 18% on Tuesday was originally published by The Motley Fool.

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