Shares in Strategy, the corporate Bitcoin behemoth formerly known as MicroStrategy, closed down more than 9% on Tuesday, marking a second consecutive day of losses. The sell-off follows the company's first sale of Bitcoin since 2022, a modest transaction of just $2.5 million.
MSTR closed at $136.08, down nearly 15% over the last five trading days and more than 23% in the past month. The stock is now trading more than 70% below its 52-week high of $457.22.
The decline mirrors a broader crypto market downturn. Bitcoin itself fell 5.8% in the last 24 hours, trading around $67,288.
Despite the sell-off, analysts at TD Cowen maintained a $400 price target on MSTR, nearly 200% above the current price. Still, shareholders remain skittish after the company broke its two-year buying streak.
The pain extended beyond Strategy. Coinbase fell 4.5% to $173.99, now down 23% year-to-date. Other crypto-exposed equities including BitMine, CleanSpark, and Fold also saw significant losses.