A big reason MicroStrategy ( MSTR -4.40%) was such a hot stock in 2024 is its bullish position on Bitcoin. The company is such a big believer in crypto that it's planning to raise $42 billion in capital during the next three years for the purpose of adding to its tally.

Bitcoin (BTCUSD) and the broader cryptocurrency market. Surging past the $100,000 mark, Bitcoin’s rally was fueled by transformative events that blurred the lines between crypto and the financial mainstream.

Shares of business analytics software company MicroStrategy (NASDAQ:MSTR) fell 7.7% in the morning session after the company sold 592,987 shares for approximately $209 million. The company used the proceeds to acquire approximately 2,

MicroStrategy bought about $209 million of bitcoin in the past week, making it eight weeks in a row that the company has acquired more of the digital currency.

Shares of MicroStrategy now sit firmly on their $300 price tag, which should also be considered significant as a round number. A break below $300 will increase selling pressure on the stock, targeting a retracement to $250, an 18% decline.

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