Published:
Shares of Strategy, formerly known as MicroStrategy, hit a 14-month low on Monday before paring some losses, as the largest corporate holder of bitcoin may have breached buyers’ trust by painting a scenario in which selling the cryptocurrency would be the smart, rational thing to do.
And that’s when the real trouble for the stock would start, given the size of Strategy’s
MSTR holdings — the company owned 650,000 bitcoins BTCUSD as of Nov. 30, or roughly 3% of the total bitcoin mined. If a large bitcoin holder that said it would never sell actually starts selling, it could trigger selling by other holders, which would in turn lead to further weakness in Strategy’s shares.
