Shares of MicroStrategy Inc. fell by the most since 2017 as the company, often used as a proxy for Bitcoin, followed the world’s largest cryptocurrency lower amid a broader selloff in risk assets.
The enterprise software maker run by Bitcoin evangelist Michael Saylor declined 26% on Monday as the price of Bitcoin hovered near a key threshold of $30,000 and the benchmark S&P 500 declined about 3.2% on concerns tightening monetary policy could throw the economy into a recession.
