MicroStrategy Stock Drops as Bitcoin Price Falls

MicroStrategy Incorporated (NASDAQ: MSTR) stock is trading lower on Monday, following a drop in the price of Bitcoin (CRYPTO: BTC) below $62,000. This comes after MicroStrategy announced last week that it had acquired approximately 11,931 bitcoins for roughly $786 million in cash between April 27 and June 19, at an average price of about $65,883 per bitcoin. The company now holds 226,331 bitcoins, valued at more than $14.9 billion at the current market price. These were acquired at a total purchase price of around $8.33 billion, averaging approximately $36,798 per bitcoin, inclusive of fees and expenses. Bitcoin is down by nearly 5% over the past 24 hours, and MicroStrategy shares are moving lower as bitcoin retreats. According to Benzinga Pro, shares are trading about even with the stock's 50-day moving average of $1,423.00, and 21.39% of shares are being sold short.