MicroStrategy Stock Slips as Trump Fails to Mention Bitcoin — Barrons.com

By Mackenzie TatananniMicroStrategy stock was down in Tuesday morning trading after President Donald Trump's inaugural address didn't touch on his plans for Bitcoin.Despite promises of a "golden age" for cryptocurrency on the campaign trail and talk of a strategic Bitcoin reserve, Trump didn't address cryptocurrencies during his speech. Nor did a flurry of executive orders signed overnight deal with the currencies.Shares of MicroStrategy were down 1.9% to $388.94 on Tuesday. The software company is one of the largest holders of Bitcoin in the world.As of Monday, MicroStrategy reported that it held roughly 461,000 Bitcoins acquired for $29.3 billion, or roughly $63,610 per Bitcoin. Between Jan. 13 and Monday, the company acquired 11,000 Bitcoins for $1.1 billion in cash.Benchmark analyst Mark Palmer maintained a Buy rating and price target of $650 on MicroStrategy shares. However, he noted that estimates were under review following the latest Bitcoin purchases.The digital currency appeared to be making a recovery after cryptos broadly slid in early trading. Bitcoin has risen 1.9% to $105,554 in the past 24 hours, according to CoinDesk data.Write to Mackenzie Tatananni at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.