Institutional Investment of $500 Million, Yet Bitcoin's Leading Stock Plummets 8% in a Day

MicroStrategy, a leading Bitcoin–focused stock (ticker: MSTR), plunged 7.76% on the Nasdaq on the 20th, closing at $160.23 with trading volume reaching about 18.9 million shares. Its market capitalization shrank by roughly $3.09 billion (around ₩4 trillion) in a single day, falling to approximately $42.89 billion (about ₩56 trillion).

The previous day, news emerged that Vanguard’s U.S. Mid-Cap Index Fund had added roughly 2.91 million MicroStrategy shares—worth about $505 million—to its portfolio for the first time, underscoring growing institutional interest. MicroStrategy now holds 687,410 bitcoins, giving its digital-asset stash a value of about $66.5 billion (around ₩87 trillion). Investors expect the company to outline additional bitcoin-buying strategies and funding plans in its fourth-quarter earnings report on February 5.

Originally spun off from the enterprise-analytics software provider MicroStrategy, the company fully embraced bitcoin as its core treasury asset in 2020, transforming itself into the world’s largest publicly traded bitcoin holder. Under CEO Michael Saylor’s strong conviction, it has continuously acquired bitcoin through equity, preferred stock and bond offerings, making its share price extremely volatile and highly sensitive to bitcoin’s market movements and leverage levels.