(Bloomberg) -- MicroStrategy Inc.’s cryptocurrency bet hit a bump on Tuesday when the launch of the first Bitcoin-linked exchange-traded fund in the U.S. drew investors away from some companies with exposure to the digital currency.
Most Read from Bloomberg
Google’s Biggest Moonshot Is Its Search for a Carbon-Free Future
A $30 Billion Fortune Is Hiding in China’s Silicon Valley
The Biggest Public Graveyard in the U.S. Is Becoming a Park
Google’s CEO: ‘We’re Losing Time’ in the Climate Fight
Hate-Speech Case Forces Japan to Confront Workplace Racism
The tech company fell 2.7% to $719.38 at 10:55 a.m. in New York as the focus shifted to the highly-anticipated start of trading in ProShares Bitcoin Strategy ETF, which raised questions about the need to buy a stock that serves as a vehicle to invest in Bitcoin.
The company held about 114,042 Bitcoins as of Sept. 12, according to a tweet from Chief Executive Officer Michael Saylor. Saylor, a vocal Bitcoin bull who has adopted the laser-eyed profile picture popular with enthusiasts on Twitter, tweeted more praise for the crypto ahead of the session’s market open Tuesday.
MicroStrategy didn’t immediately respond to a Bloomberg News email requesting a comment.
While MicroStrategy shares are up more than 330% in the past year, those gains trail Bitcoin’s 432% return over the same period. Tuesday’s weakness leaked over to Bitcoin miners including Marathon Digital Holdings Inc. and Canada-based Bitfarms Ltd., with both falling more than 5%.
Most Read from Bloomberg Businessweek
How Donald Trump, Elon Musk, and Gwyneth Paltrow Short-Circuit Your Ability to Think Rationally
What My Brain Scan Revealed About the Science of Persuasion
These Out-of-Work Americans Tell Us Job Market Turmoil Is Anything But Transitory
Homeopathy Doesn’t Work. So Why Do So Many Germans Believe in It?
MLB Is Testing Ways to Fix Baseball’s Boredom Problem
©2021 Bloomberg L.P.
