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Jan. 24, 2022, 7:37 a.m. EST

MicroStrategy's stock tumbles toward a more than 2-year low as bitcoin extends selloff

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By Tomi Kilgore

Shares of MicroStrategy Inc. /zigman2/quotes/202561856/composite MSTR +6.75% tumbled 12.7% toward a more than two-year low in premarket trading Monday, as the enterprise software company and bitcoin play continues to suffer from the broad selloff in cryptocurrencies. MicroStrategy, which has previously said it uses bitcoin as a primary reserve asset, last disclosed on Dec. 30 that it has paid $3.75 billion to buy 124,391 bitcoins at an average price of $30,159 per bitcoin. Meanwhile, bitcoin /zigman2/quotes/31322028/realtime BTCUSD +0.05% dropped 7.6% early Friday toward a six-month low, after tumbling 15.4% last week and plunging 44.6% over the past three months. MicroStrategy's stock, which is on track to open at the lowest levels seen since December 2020, has dropped 47.7% over the past three months through Friday, while the SPDR S&P Software & Services ETF /zigman2/quotes/203260274/composite XSW +2.35% has lost 21.6% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.58% has slipped 3.2%.

/zigman2/quotes/202561856/composite
US : U.S.: Nasdaq
$ 210.77
+13.33 +6.75%
Volume: 801,485
May 19, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.23 billion
Rev. per Employee
$239,103
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/zigman2/quotes/31322028/realtime
US : CoinDesk
30,227.47
+13.83 +0.05%
Volume: 0.00
May 20, 2022 3:58a
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/zigman2/quotes/203260274/composite
US : U.S.: NYSE Arca
$ 117.10
+2.68 +2.35%
Volume: 37,529
May 19, 2022 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,900.79
-22.89 -0.58%
Volume: 2.77B
May 19, 2022 4:57p
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