10 Firms Suffer Steep Downfall on Monday

4. MicroStrategy Incorporated (NASDAQ:MSTR)

Shares of MicroStrategy Incorporated, doing business as Strategy, nosedived by 16.68 percent on Monday, a third straight day, to finish at $239.27 each as investors sold off positions amid economic uncertainties that continue to dampen buying appetite.

MSTR declined alongside its fellow counterparts, tracking the drop in Bitcoin prices, which, as of this writing, was already at the $79,000 level.

On Monday, MSTR also announced that it would issue and sell shares of its 8-percent series A perpetual strike preferred stock, with a par value of $0.001 per share, for an aggregate amount of $21 billion.

According to the company, it intends to use the net proceeds for general corporate purposes, including the acquisition of Bitcoin and working capital.

MSTR is currently one of the largest Bitcoin owners, hoarding as much as 500,000 Bitcoins to date.

Over the past few weeks, MSTR has been riding the wave of volatility in the cryptocurrency industry, having earned Trump’s backing. However, traders hungry for more developments found the lack of more concrete plans disappointing.