Shares of MicroStrategy tumbled on Tuesday with the price of bitcoin, as the company bought even more of the cryptocurrency.
The company bought an additional 9,245 bitcoins for about $623 million, according to a filing with the Securities and Exchange Commission.
MicroStrategy used the net proceeds from a private offering of convertible senior notes and excess cash to make this purchase.made a similar move last week , purchasing 12,000 bitcoins for close to $822 million following a debt sale as bitcoin was climbing to all-time highs. The company now holds a total of 214,246 bitcoins, itKey catalysts like spot bitcoin exchange traded funds and the upcoming "halving" event in April — which cuts the bitcoin mining reward in half to limit the supply — have helped buoy the flagship crypto and the stocks tied to its performance.
MicroStrategy launched as a provider of enterprise software, but began employing an aggressive bitcoin buying strategy in 2020 and has primarily traded as a proxy for the crypto's price since then. This February, the company said it would shift its company focus and brand to Bitcoin development. MicroStrategy's stock is now up 108% this year compared to bitcoin's 50% run – both began turning lower last week as investors took profits.
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