What happened Shares of MicroStrategy (NASDAQ: MSTR) declined by 10% Thursday, as the price of Bitcoin (CRYPTO: BTC) fell. So what MicroStrategy's stock has become something of a proxy for the price of Bitcoin. The enterprise software company made the cryptocurrency its "primary treasury reserve asset" back in August. Since that time, MicroStrategy has purchased 91,850 Bitcoins at an average price of roughly $24,403. That $2.2 billion investment has grown to more than $4.5 billion today. Image source: Getty Images. However, MicroStrategy's stock price has pulled back sharply in recent days along with the price of Bitcoin. Tesla CEO Elon Musk's announcement that the electric vehicle leader would no longer accept Bitcoin as payment from its customers accelerated the cryptocurrency's decline earlier this week. And today, news broke that Binance, the largest digital asset exchange, is being investigated by the Justice Department and Internal Revenue Service. Now what CEO Michael Saylor indicated in MicroStrategy's recent first-quarter earnings release that it will "acquire and hold additional Bitcoin as we seek to create additional value for shareholders." With its fate now tied to the success of Bitcoin, MicroStrategy's share price will likely continue to mimic the cryptocurrency's volatile price movements. 10 stocks we like better than MicroStrategyWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and MicroStrategy wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of May 11, 2021 Joe Tenebruso has no position in any of the stocks or cryptocurrencies mentioned. The Motley Fool owns shares of and recommends Bitcoin and Tesla. The Motley Fool recommends MicroStrategy. The Motley Fool has a disclosure policy.Source