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Marathon Digital, Riot Blockchain, Microstrategy Stock Plunges As Bitcoin Plummets

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Updated 19 May 2021
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Shares of Marathon Digital (NASDAQ: MARA), Riot Blockchain (NASDAQ: RIOT) and Microstrategy (NASDAQ: MSTR) have plummeted on Wednesday after Bitcoin and other cryptocurrencies fell heavily.

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Software company Microstrategy which has invested in bitcoin, holding approximately 92,079 bitcoins, has seen its share price fall over 10% to lows of $411.58.

However, the company's CEO, Michael Saylor, said on Twitter, “I am not selling.” Companies under Saylor's control have acquired 111,000 bitcoins and “have not sold a single satoshi,” he said.

Bitcoin mining company Riot Blockchain has, of course, been impacted by the crypto's slide, with its share price currently down 8% at $23.51 after closing Tuesday's session at $25.56. In the past month, it has lost over 40% in value.

Riot recently reported its Q1 earnings, showing revenue of $23.2 million, below analyst expectations.

Marathon Digital is another cryptocurrency mining firm. Its stock price has fallen 9% so far on Wednesday to $20.92, with its shares down 39.95% in the past month.

At the time of writing, bitcoin is trading at $37,000 after touching lows of $30,000 earlier in the session.

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