Software Stock Drops After Big Bitcoin Buy
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MicroStrategy Inc (NASDAQ:MSTR) is experiencing a drop in pre-market trading after announcing the sale of 592,987 shares valued at $209 million to acquire 2,138 bitcoins.
December 30, 2024 | 2:45 pm
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MicroStrategy's stock is dropping in pre-market trading following the announcement of selling shares worth $209 million to purchase 2,138 bitcoins.
The decision to sell a significant amount of shares to purchase bitcoins indicates a strategic shift towards cryptocurrency, which may concern investors about the company's focus and risk exposure. This has led to a negative reaction in the stock price.
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