Amid a backdrop of Bitcoin’s fluctuating market, MicroStrategy Inc. ( MSTR ) experienced a 4.38% decline in its stock during pre-market trading on Monday, as per Benzinga Pro.

This movement comes as MicroStrategy co-founder Michael Saylor shared the Bitcoin tracker for the 10th consecutive week on Jan. 12, signaling a potential Bitcoin purchase. The chart, typically posted by Saylor every Sunday, has become a key indicator of his company’s ongoing Bitcoin strategy, despite the cryptocurrency’s recent negative trajectory.

At the time of writing, according to Benzinga Pro, Bitcoin was trading at $90,602.06, down 3.78% in the past 24 hours. The key crypto has lost 8.74% of its value in the last 7 days.

Meanwhile, Arthur Hayes, co-founder of BitMEX and Chief Investment Officer at Maelstrom Fund, in an exclusive conversation with Benzinga, criticized the company’s Bitcoin purchasing strategy.

Hayes expressed skepticism about MicroStrategy’s approach of using convertible debt and other fixed-income securities to acquire Bitcoin, particularly given the cryptocurrency’s current volatility. He noted that these financial instruments are appealing due to the volatility of both the stock and the Bitcoin they acquire.

Bitcoin has surged nearly 50% over the past three months, partly due to Donald Trump‘s presidential win, leading to significant volatility in MicroStrategy’s stock, which has jumped 62% during the same period. However, Hayes cautioned that a decrease in Bitcoin’s volatility, potentially following a major crash, could pose challenges for MicroStrategy ( MSTR ) in attracting interest in its debt offerings.

Hayes further stated he would not trade MicroStrategy’s stock, suggesting there are more effective methods to invest in Bitcoin, either long or short.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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