Bitcoin-Proxy MicroStrategy Shows Hodler Discount in Selloff
- Date: 23-Jun-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Bitcoin-Proxy MicroStrategy Shows Hodler Discount in Selloff
(Bloomberg) --
One enterprise-software maker's stock slide might smell like opportunity for Bitcoin bulls handy with a calculator.
The recent plunge in the price of the world's largest cryptocurrency has taken the momentum out of MicroStrategy Inc. shares, which became a proxy for Bitcoin after CEO Michael Saylor began amassing the digital tokens last summer. And at one point Tuesday, Bitcoin's slide to below $29,000 helped take MicroStrategy's stock down as much as 12%. Shares closed 5% lower on Tuesday at $553.72.
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