Updated June 13, 2022 8:09 am ET / Original June 13, 2022 7:45 am ET
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MicroStrategy and Coinbase were plunging in premarket trading Monday, dragged down by a massive Bitcoin selloff that brought the cryptocurrency to its lowest level in 18 months.
While MicroStrategy (ticker: MSTR) derives most of its revenue from software, the company has bet big on Bitcoin, holding more than 129,200 tokens as of March 31. The company’s strategy involves issuing debt to finance more Bitcoin purchases, but has warned that it will be forced to sell Bitcoin if it fails to generate enough cash flow to service the…