MicroStrategy MSTR, -6.61% shares slumped 21% in premarket trade. Heading into Monday, the stock has dropped 76% from its November peak.
CEO Michael Saylor, a crypto enthusiast, has led MicroStrategy to aggressively accumulate the cryptocurrency. These bitcoin purchases have made not just with profits from its analytics software business, but also by borrowing via convertible bond issuance, and also by borrowing against its bitcoin holdings, in a loan with Silvergate SI, -2.22%. According to a story from NewsBTC last week, loans accounted for $2.4 billion of its $4 billion in bitcoin purchases.
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