MicroStrategy sank 16% on Monday, more than 10 times the drop in Bitcoin.
MicroStrategy investors who bought shares of the biggest corporate holder of Bitcoin to gain amped-up exposure to the digital asset are getting a painful reminder of its brutal volatility.
Given MicroStrategy’s market capitalisation of about $24 billion, its debt and the approximately $1.5 billion value that many on Wall Street give the Virginia-based firm’s core business, its shares trade at a more than 90% premium to the value of Bitcoin on its balance sheet, according to Bloomberg calculations.
What it comes down to now, for investors, is whether it’s a chance to buy the dip in MicroStrategy. It’s a revved-up bet that Bitcoin will resume its climb, and it also has certain benefits over purchasing Bitcoin exchange-traded funds, an option that’s been available since January.
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