By Callum Keown
It's a Monday, so MicroStrategy stock is falling.
That's often been the way recently after Bitcoin has slipped over the course of the weekend. The world's largest cryptocurrency fell to $82,400 early in the day, around 3% down over the past 24 hours. At one point on Friday it was trading above $90,000 ahead of the first-ever White House crypto summit.
The event disappointed crypto traders, though, despite President Donald Trump signing an executive order establishing a strategic Bitcoin reserve. Significantly, it didn't include immediate plans for the government to buy more Bitcoin.
Shares in MicroStrategy, which recently changed its name to Strategy, pointed 5.5% lower ahead of the open after slumping 5.6% Friday. The largest corporate holder of Bitcoin is on a wild run -- the stock has moved more than 5% in either direction on all but two trading days over the past two weeks.
Mondays, or the first trading day of the week, have been tough for MicroStrategy lately given the volatility of cryptocurrencies and the fact they trade continuously. If the premarket losses hold, the stock will have fallen to start the week for four consecutive weeks.
It is also typically the day MicroStrategy reveals its latest Bitcoin purchases, a filing that has been closely watched lately. The company did not buy any Bitcoin in the week from Feb.24 to March 2, despite the cryptocurrency falling significantly over that period.
The company's Bitcoin holdings are worth around $41 billion based on Monday's price.
With more ups and downs last week, traders will once again be eager to see if MicroStrategy will resume buying Bitcoin.
Other crypto-related stocks were also lower -- cryptocurrency exchange Coinbase Global fell 5.6% and trading platform Robinhood Markets was down 6%.
Write to Callum Keown at callum.keown@barrons.com
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March 10, 2025 08:21 ET (12:21 GMT)
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