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After experiencing a 17% drop on Monday, MicroStrategy Inc. (NASDAQ:MSTR) saw a rise in pre-market trading on Tuesday, following a global downward trend.
What Happened: MicroStrategy’s stock price took a significant hit on Monday, aligning with a global downward trend. However, as Bitcoin (CRYPTO: BTC) began to show signs of recovery early Tuesday, the ‘Bitcoin Development company’ MicroStrategy’s stock followed suit.
The company’s stock was trading 3.68% higher in the pre-market on Tuesday, according to Benzinga Pro. This comes after the stock closed at $1,309.00 on Monday, following a 17% dip. Early Tuesday, MSTR was trading at $1,357.17.
Why It Matters: MicroStrategy’s second-quarter financial results revealed that the company held 226,331 Bitcoin, with an original cost basis and market value of $8.329 billion and $14.016 billion, respectively. This significant investment in Bitcoin has made the company’s stock price susceptible to the volatile nature of the cryptocurrency market.
Bitcoin experienced a significant drop in the cryptocurrency market due to recession fears and escalating geopolitical tensions. This market downturn, which saw Bitcoin hit an intraday low of $52,559, contributed to MicroStrategy’s stock price decline on Monday.
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Image via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
