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

Shares of MicroStrategy Inc. 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 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 has lost 21.6% and the S&P 500 has slipped 3.2%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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