Tuesday’s 10 Worst-Performing Stocks

8. Strategy Inc. (NASDAQ:MSTR)

Strategy Inc., formerly MicroStrategy, dropped for a second day on Tuesday, losing 11.26 percent to end at $237.95 apiece as investors continued to sell off positions amid the global market uncertainties and its recent pause from acquiring Bitcoins last week.

The news was largely factored in especially due to the company’s usual aggressive stance in Bitcoin acquisition.

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 had 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.