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MicroStrategy’s Bitcoin Bet on the Verge of Turning Negative

  • Bitcoin fell below breakeven price for the company’s holdings
  • The company’s shares fell 26% on Monday, the most since 2017
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Expect Short Term Pain With Crypto: Novogratz
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MicroStrategy Inc. Chief Executive Michael Saylor’s norm-breaking decision to add Bitcoin to the balance sheet of the software maker is on the verge of turning sour.

When the price of Bitcoin briefly dropped under $30,700 on Monday, the value of the Tysons Corner, Virginia-based company’s Bitcoin holdings dropped below their average purchase price. MicroStrategy and subsidiaries held 129,218 Bitcoins as of April 4, a company filing shows. The largest cryptocurrency by market value has dropped more than 50% from its record high set in November. The crypto holdings are valued at around $4 billion.