Shares of the Virginia-based enterprise software company were down more than 9% in intraday trading, mirroring a similarly sized slide in the price of bitcoin Monday.
MicroStrategy said the average purchase price of its 105,085 bitcoin trove is $26,080 apiece, including fees and other expenses.
MicroStrategy has in the past year gone from relative obscurity to a well-known force on Wall Street and in the crypto community, thanks to its aggressive bets on bitcoin and the evangelizing from Chairman and CEO Michael Saylor, who routinely touts bitcoin on Twitter.
In a CNBC interview last week, Saylor defended the company’s crypto pursuits, which has involved debt offerings in order to buy more bitcoin.
in the last 10 years last quarter,” he added, noting total revenue was up 10% year over year.