Strategy slides after bitcoin briefly dips below crypto firm’s key breakeven level
Michael Saylor, chairman of MicroStrategy, speaks at the Bitcoin 2024 conference in Nashville, Tennessee, on July 26, 2024.
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Strategy plunged 8% on Monday after bitcoin dipped below the cryptocurrency treasury company’s average purchase price per token.
Bitcoin traded at about $74,500 at its bottom on Monday – its lowest price since last April.
That’s slightly below Strategy’s average purchase price of $76,052 per bitcoin, according to its regulatory filing dated Feb. 2, raising concerns that the Michael Saylor-led firm could be underwater if the digital currency continues to slide. The company holds roughly $56 billion in bitcoin, its website shows.
The pullback in shares comes as bitcoin has shed…
