MicroStrategy shares are tumbling as the software firm’s bitcoin bet sinks underwater

MicroStrategy shares are tumbling as the software firm’s bitcoin bet sinks underwater

, the enterprise software maker that's bet big on bitcoin over the past two years, is now underwater on its holdings of the world's largest cryptocurrency due to the market tumble. Bitcoin traded around $28,000 apiece on Thursday morning, recovering somewhat from earlier losses that brought the digital token below $27,000. Just last week, it around $40,000. Its all-time high, just , was reached in November. MicroStrategy's cost basis was roughly $30,700 per bitcoin, as of March 31, according to its first-quarter earnings report. As of the same date, the company owned roughly 129,218 bitcoins, spending a total of $3.967 billion to acquire them. MicroStrategy's stock, while volatile, enjoyed success alongside bitcoin in late 2020 and into last year. Now, it reflects the tumult facing bitcoin and the crypto market more generally, which has been rocked in recent days as investors flee risky assets, and as is under duress. At their lows, MicroStrategy shares were down more than 13% Thursday to about $145, after plummeting 25.4% Wednesday. The stock pared some those losses later Thursday to trade down about 2%. Based on Wednesday's close, MicroStrategy shares are down about 87% from their bitcoin-era highs of $1,315 on Feb. 9, 2021.