MicroStrategy, recognized as the largest corporate holder of bitcoin, witnessed its shares fall sharply on Tuesday in parallel with a decrease in bitcoin's value. The company's stock dipped by 5.67%, with an earlier drop reaching as high as 18%.

This decline coincided with MicroStrategy's announcement of acquiring an additional 9,245 bitcoins for roughly $623 million, according to a recent U.S. Securities and Exchange Commission filing. The acquisition was made possible through $592.3 million garnered from a private offering of convertible senior notes, alongside the utilization of additional cash reserves.

The recent purchase follows a similar strategy from the previous week when MicroStrategy secured 12,000 bitcoins for close to $822 million after a bond issuance, coinciding with bitcoin's surge to record highs. With the latest acquisition, MicroStrategy's total bitcoin holdings amount to 214,246, as announced on Tuesday.

MicroStrategy's stock performance has closely mirrored the fluctuations in bitcoin's price, which experienced a decline on Tuesday, falling below $63,000 at certain points. This represents a significant drop from the previous week's peak. The company's investment strategy, heavily anchored in bitcoin since 2020, has led to its stock trading in alignment with the cryptocurrency's market movements. This February, MicroStrategy announced a strategic pivot towards focusing and branding around bitcoin development.

Despite the recent downturn, MicroStrategy's shares have seen a notable increase of 124% this year, in contrast to bitcoin's 50% rise. Both the stock and the cryptocurrency began to retract last week as market participants engaged in profit-taking activities.