MicroStrategy shares plunged 20% in 48 hours following Bitcoin ETF approval

MicroStrategy Inc. (NASDAQ: MSTR) suffered a tough hit following the Bitcoin spot ETF approval on January 10. Deemed as an indirect exposure to Bitcoin (BTC), Michael Saylor’s company now faces powerful Wall Street competitors.In a sequence of events, the SEC finally approved 11 ETFs for the leading cryptocurrency. In response, BTC traded as high as $48,965 a day after, but MSTR did not follow.Notably, MicroStrategy stock has directly correlated to Bitcoin’s price since Michael Saylor started accumulating B ...