MicroStrategy shares fell 16% from $535 to $397 on Thursday before recovering to $425 at the time of writing. MicroStrategy is a publicly traded business intelligence company founded in 1989 that pivoted to acquiring as much Bitcoin as possible in 2020. The company now holds well over 1% of all Bitcoin that will ever exist, with institutional interest in MicroStrategy being an interest in a regulatory-friendly Bitcoin investment. For this reason, many may find it puzzling that this downturn follows Bitcoin approaching $100,000 for the first time.

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