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• MicroStrategy has poured $3.97 billion into the cryptocurrency
MicroStrategy Inc. has lost nearly $1 billion after founder and CEO Michael Saylor’s bet on bitcoin hit a stump as the largest cryptocurrency continues to tumble down.
In a tweet, on Tuesday, Saylor said MicroStrategy “anticipated volatility and structured its balance sheet so that it could continue to #HODL through adversity.” HODL is a slang term in crypto aimed at discouraging investors from selling.
Bitcoin briefly plunged below $21,000 in Asia, on Tuesday, hitting its lowest level since December 2020 after investors disposed off risky assets in a broad sell-off.
The largest currency traded around $22,531.22 at 5:13 AM ET on Wall Street, for a loss of 7%. The asset has lost some 66% of its value from lifetime highs of $69,000 in November.
MicroStrategy has bet billions on the cryptocurrency — $3.97 billion, to be exact. As at March 31, MicroStrategy held 129,218 bitcoins, each purchased at an average price of $30,700.
MicroStrategy plunged 25% to $152.15 on Monday as part of broader rout by cryptocurrency-exposed stocks.
Source - Twitter
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