MicroStrategy Incorporated (NASDAQ: MSTR) shares are trading lower Friday in sympathy with the price of Bitcoin (CRYPTO: BTC) which fell to a two-month low Thursday afternoon.
The Details:
Shares of Michael Saylor's MicroStrategy, the largest institutional holder of Bitcoin, are down by 4.5% after the price of Bitcoin fell more than 7% to a two-month low in a "flash crash" Thursday afternoon.
MicroStrategy owns 152,800 BTC, acquired for an average price of $29,672, representing a $4.53 billion investment.
MSTR shares are down by more than 5% on above-average trading volume. According to Benzinga Pro, more than 342 thousand shares have been traded in the session, compared to the stock's 100-day average of 832 thousand shares. MicroStrategy's stock has outsized short interest with 24.29% of available shares being sold short.
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MSTR Price Action: According to Benzinga Pro, Microstrategy shares are down by 4.4% at $331.40 at the time of publication.
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