Chinese Stocks Dominate Monday’s 10 Worst Performers

6. Strategy Inc. (NASDAQ:MSTR)

Strategy Inc., formerly MicroStrategy, saw its share prices decline by 8.67 percent on Monday to end at $268.14 apiece following news that it paused from acquiring Bitcoins between March 31 and April 6 amid the ongoing market uncertainties.

The news weighed down on investor sentiment especially with MSTR’s knack for purchasing Bitcoins every week.

However, MSTR reportedly purchased 22,048 Bitcoins for $1.92 billion the week before, marking their largest acquisition to date.

Last Tuesday, investment firm TD Cowen reaffirmed its Buy rating and a price target of $550 for MSTR over its $722.5-million fixed income offer that could bolster its acquisition of more Bitcoins.

According to the analyst, the issuance of non-convertible preferred shares was a strategic move that would allow the company to advance its Bitcoin acquisition strategy.

MSTR was among the Bitcoin mining giants that earned a boost from the US government’s backing of the cryptocurrency industry.

According to President Donald Trump, he plans to make the cryptocurrency industry a national priority.