Strategy's stock price (NASDAQ: MSTR) have given up much of the earlier gains today, up 3% on the day, having given up some 10% from early highs. The stock, formerly known as MicroStrategy, have been closely following the fluctuations of Bitcoin, the cryptocurrency in which the company holds significant investments.
February saw a notable decline in the stock price, reflecting the downturn in Bitcoin's value, although the price rallied strongly over the weekend amidst President Trump's crypto reserve comments.
The company is one of the largest corporate holders of Bitcoin, with it's reserves close to 500,000 more than 2% of total supply. Through February, Strategy's shares have fallen by more than 25%, despite nearly doubling in value over the past year, up 96%.
Bitcoin has moved back to the $90,000 range, having fallen below $79,000 leading into the weekend. With BTC USD having traded above $94,000 leading into today's open, volatility is the word of the day. The crypto summit is due to take place on Friday, with President Trump's comments, and that of his crypto czar likely to prove key to sentiment in the short term.
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