November Mourning ?
MicroStrategy, now known as the largest corporate bitcoin holder in the world, is facing significant pressure due to the cryptocurrency market downturn that is shaking institutional and retail investors.
The first blow came from legendary short seller Jim Chanos, who announced that he had closed his short position in MSTR following a sharp decline in net asset value multiples.
Further pressure came from JPMorgan's warning that the strategy could be removed from major stock indices like MSCI USA.
Although founder and chairman Michael Saylor insists that index classification does not alter the company's long-term strategy, his stance has not prevented institutional sell-offs.
Major players such as Capital International, Vanguard, and BlackRock each sold MSTR shares worth over US$1 billion.
Even JPMorgan Chase offloaded about US$500 million worth of the company's stock during the quarter.
