MicroStrategy Inc (NASDAQ:MSTR) is trading lower Tuesday morning amid continued weakness in Bitcoin (CRYPTO: BTC).
What Happened: MicroStrategy announced that it purchased an additional 13,005 Bitcoin for approximately $489 million in cash at an average price of approximately $37,617 per Bitcoin.
The business intelligence company now holds approximately 105,085 Bitcoin at an average cost of approximately $26,080 each.
MicroStrategy has purchased an additional 13,005 bitcoins for ~$489 million in cash at an average price of ~$37,617 per bitcoin. As of 6/21/21 we #hodl ~105,085 bitcoins acquired for ~$2.741 billion at an average price of ~$26,080 per bitcoin. $MSTRhttps://t.co/gLfnOxZEZc
— Michael Saylor (@michael_saylor) June 21, 2021
Citigroup analyst Tyler Radke maintained MicroStrategy with a Sell rating and lowered the price target from $450 to $360 on Tuesday.
Price Action: Bitcoin is down 44.47% over a three-month period.
MicroStrategy has traded as high as $1,315 and as low as $113.55 over a 52-week period.
At last check Tuesday, the stock was down 8.85% in premarket trading at $532.
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