Shares of MicroStrategy (MSTR), a business intelligence firm with considerable exposure to Bitcoin (BTC), declined sharply on Monday as profit-taking ensued following a parabolic rally over the past month.
The stock touched an intraday low of $464.51 in New York trading, representing a decline of almost 13%. It would later pare losses to trade around $500 pe share. At current values, the company has a total market capitalization of around $4.6 billion. Last week, the stock peaked just below $512, marking a new all-time high.
MSRT went parabolic after CEO Michael Saylor decided to buy Bitcoin. Source: Yahoo Finance
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The broader equity market was also under pressure on Monday, with the S&P 500 Index and tech-heavy Nasdaq each falling more than half a percent.
MSRT’s pullback coincided with a sharp decline in both the price of Bitcoin and the broader crypto markets as investors took profits following a relentless surge over the past three weeks. Even with the decline,