Bitcoin dump and $2B dilution crash MicroStrategy 30% | Protos
Had Donald Trump not accepted Bitcoin Magazine’s invitation to speak at the largest crypto conference of the year, Michael Saylor would have been its headlining keynote speaker. Fast forward one week and the afterglow has certainly passed. Over this past weekend, Saylor’s bitcoin holding company MicroStrategy crashed — losing over one-quarter of its value. Two events seemed to cause the crash. First, the price of bitcoin collapsed, shedding 20% of its market capitalization. MicroStrategy closed Friday’s trading session on the Nasdaq stock exchange at $1,447.99. When the exchange opened for trading this morning, those same shares were worth $1,044.97. This means that MicroStrategy lost 27.8% of its value — roughly $7.37 billion — in one weekend . Shares have recovered somewhat as of publication time, trimming approximately half of those losses. MicroStrategy also recently announced a $2 billion debt offering that will dilute shareholders. Now a common tac...