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

Updated: 19 May 2021

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.

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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