Shares of MicroStrategy (NASDAQ:MSTR), a technology company that’s betting big on popular cryptocurrency Bitcoin (CRYPTO:BTC), tumbled this week. MicroStrategy stock was sitting at $640 per share as of Thursday’s close — roughly 10% lower than where it started the week. And the reason is quite simple: Bitcoin itself is down almost that much during this time.
MicroStrategy is a business data analytics software company, and in the conference call to discuss second-quarter results, management shared progress with the business. Q2 revenue was up 13% year over year thanks to some new customer wins. And revenue was also up 6% from results two years ago — it’s best growth in six years.