After reporting it missed on earnings, and with the price of bitcoin down, MicroStrategy's shares plummeted on Tuesday by as much as 17% before recovering slightly.
MicroStrategy was trading down 15.8%. at $1,086 as of 1:45 p.m. ET, according to Yahoo Finance. Last month, the company's shares also once fell by as much as 16%.
While fellow U.S. crypto stocks like Coinbase, the nation's top exchange, and miners Marathon Digital and Riot Platforms didn't face as large of a selloff, all three companies' shares were also down in midday trading. Coinbase sank as low as 6% while Marathon Digital and Riot Platforms dropped 9% and 7%, respectively.
Shares in the aforementioned miners have seesawed most of this year while both Coinbase and MicroStrategy have largely been enjoying an upward price increase amid bitcoin hitting a new all-time high.
Following Monday's market close, MicroStrategy reported first-quarter revenue of $115.2 million, which was a 5% decrease year-over-year. The company's shares, which act as a bitcoin proxy given MicroStrategy's main tactic for creating long-term value is by accumulating the cryptocurrency, dropped in after hours trading.
Bitcoin was trading hands down 4.5% at $60,093 at publication time, according to The Block Price Page.
Other bitcoin mining stocks dropped in parallel to the world's largest cryptocurrency by market cap falling in price. CleanSpark fell by 9% while Bitfarms and Hut 8 also shed value, falling 6% and 5%, respectively.
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