Strategy · Bitcoin · Coinbase · BitMine Immersion Technologies · Decrypt
Strategy Shares Fall for Second Straight Day After $56 Billion Bitcoin Giant Sells BTC
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Shares in Bitcoin behemoth Strategy (MSTR) fell more than 9% on Tuesday, continuing a slide following the firm’s $2.5 million BTC sale disclosed on Monday.
Key facts
- While Saylor had previously telegraphed the firm’s Bitcoin sale and the amount—32 BTC, or about $2.5 million worth—was a fraction of its more than $56 billion BTC portfolio, shareholders have not
- Other notable crypto losers on Tuesday include Bitcoin miner CleanSpark (CLSK) and BTC services firm Fold (FLD), which lost 6.5% and 8.4% respectively, closing at $17.58 and $0.87
- As it stands, MSTR is now more than 70% off its 52-week high of $457.22
- COIN is now nearly 61% off its 52-week high—but analysts at Compass Point have even lower price targets, this week reiterating a forecast of $140, a further 19% drop from its current trading price
Summary
Shares in Strategy (MSTR) closed down more than 9% on Tuesday, one day after selling Bitcoin for the first time since 2022. TD Cowen maintained a $400 price target on Monday, nearly 200% above its Tuesday closing price of $136.08. Other top crypto firms, like Coinbase (COIN) and BitMine (BMNR), also saw their shares fall as crypto prices declined. The firm’s shares closed at $136.08 on Tuesday, now down nearly 15% in the last five trading days and more than 23% on the month.