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Cryptocurrencies: 28611
Markets: 116101
Cryptocurrencies: 28611
Markets: 116101
Market Cap: $2,576,053,349,423     
24h Vol: $147,681,399,441
Seeking Alpha 2022-12-29 20:48:20

MicroStrategy stock hits lowest point in over two years after selling some bitcoin

MicroStrategy stock hits lowest point in over two years after selling some bitcoin
MicroStrategy ( NASDAQ: MSTR ) stock has dropped as much as 9.5% in the two sessions since the software firm that famously holds bitcoin ( BTC-USD ) on its balance sheet disclosed that it sold a small part of its holdings for the first time. The stock slipped to as low as $133.77 in Thursday trading, its lowest point since Aug. 10, 2020, when bitcoin ( BTC-USD ) was trading at $11.9K. In recent trading bitcoin changed hands at $16.6K. In September 2020, Michael Saylor, who was at that time its CEO, likened the company's cash and Treasury holdings to a "melting ice cube ," said "we feel pretty confident that bitcoin ( BTC-USD ) is less risky than holding cash, less risky than holding gold." Now, with the sliding value of bitcoin ( BTC-USD ), selling some of its holdings " may generate a tax benefit" as the company plans to carry back the capital losses resulting from the transaction against previous capital gains, it said in a filing on Wednesday. Saylor is now the company's chairman, and President Phong Le became its CEO in August. In February 2021, Saylor said the world's largest cryptocurrency "can serve as a dependable store of value. " SA contributor CashFlow Hunter recently called MSTR's equity is a leverage bet on Bitcoin and a "terrible risk."
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