Who could have ever seen this coming?
Enthusiasm for Michael Saylor’s Strategy (MSTR) — and some of its numerous imitators — has been fading, with the stocks for some of those companies tumbling over the past month.
Over Sunday night, the total market capitalization of crypto fell by as much as $33 billion, according to CoinMarketCap. A total of $1.69 billion in positions have been liquidated within the crypto derivatives market over the past 24 hours, according to data provider Coinglass.
Strategy’s stock has fallen roughly 2% — in line with bitcoin (BTC-USD) — over the past 30 days. The company piled into a bet on bitcoin starting in 2020, using a combination of debt and equity to fund massive purchases of the cryptocurrency that turned the business intelligence software firm into a bitcoin juggernaut. Despite lagging recently, the stock has seen a surge of 2,200% since it first started buying bitcoin.