MicroStrategy shares plunged to their lowest level since September 2024.
The drop occurred after Bitcoin fell below $75,000, briefly pushing the company’s crypto holdings into an unrealized loss.
The stock’s market value dropped below its net asset value amid the broad crypto sell-off.
The decline reflects MSTR’s status as a leveraged proxy for Bitcoin.
The sharp drop fueled a rally in inverse ETFs designed to short the stock.
Some inverse ETFs hit record highs.
Negative sentiment attracted commentary from market personalities like Jim Cramer.
Cramer urged CEO Michael Saylor to act ahead of the quarterly earnings report scheduled for Thursday.
Despite the downturn, the company recently purchased an additional 855 bitcoins.
This purchase signals continued confidence in its long-term strategy.