Bitcoin Below $80,000 Sends Strategy Inc Shares Plummeting

Shares of Strategy Inc (MSTR) dropped nearly 4% after Bitcoin's price fell below $80,000.

This decline put pressure on MSTR due to its leveraged exposure to the cryptocurrency.

The decline in Bitcoin and MSTR was also influenced by strong US August employment data, which exceeded forecasts and led to increased expectations for further interest rate hikes.

This added to negative sentiment towards speculative assets like cryptocurrencies and related stocks.

MSTR did expand its repurchase program for preferred shares to $2 billion but excluded common stock, offering no direct benefit to regular shareholders.