Shares of Michael Saylor‘s MicroStrategy Inc MSTR declined over 5% in premarket hours on Monday after Bitcoin BTC/USD prices fell.
What Happened: Bitcoin, along with other cryptocurrencies tumbled after President Donald Trump‘s tariff war pounded the capital markets.
After falling on Sunday below $92,000 for the first time since Jan. 13, BTC recovered to 95,152.35, on Monday, still down 4.2%, during the publication of this article.
Bitcoin’s levered play MicroStrategy was down 5.81% to $315.35 per share, following the former’s decline.
This also followed Friday’s announcement of 8% 7.3 million preferred shares with a strike price of $80.00 apiece, with settlement expected on Feb. 5.
The company acquired an additional 10,107 Bitcoin this week, extending its buying spree to twelve consecutive weeks and bringing its total holdings to 471,107 BTC.
The cryptocurrency market, along with equity futures struggled as Trump imposed tariffs on major trade partners, a decision that could disrupt crucial supply chains throughout North America and affect economies.
See Also: Trump Tariffs Strengthen Dollar, But Hedge Fund CEO Sees Impending Decline
Why It Matters: Saylor was featured on the Forbes front cover last week titled “The Bitcoin Alchemist.” Ed Yardeni and Eric Wallerstein in their QuickTakes note mentioned that “the magazine has also featured a few rising stars who subsequently crashed and burned.”
After BTC’s Sunday crash, the note stated, “In any event: We have been warned.”
The exchange-traded fund, Invesco QQQ Trust, Series 1 QQQ tracking Nasdaq 100 declined 1.60% to $513.92. MSTR underperformed the gauge by falling 5.08% to $317.78 per share.
Mizuho recently initiated coverage on the company with an ‘outperform’ rating and a $515 price target, describing it as a “Lever for the Believer” in Bitcoin.
The average price target among 13 analysts tracked by Benzinga is $454.54 with a ‘buy’ rating. The estimates range from $690 to $140 apiece. Recent ratings from Mizuho, Benchmark, and Benchmark suggest a $605 target, implying a potential upside of 91.85%.
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