Coinbase and MicroStrategy- The anticipation of the approval of a U.S. spot Bitcoin ETF has triggered a substantial increase in the value of Bitcoin and related stocks. In pre-market trading, shares of two leading Bitcoin and crypto-related companies have experienced a significant surge.
This upward momentum is closely aligned with the recent breakout in Bitcoin’s price, marking an impressive 7% increase in the last 24 hours.
As the cryptocurrency approaches the $46,000 milestone, it contributes to an overall positive sentiment in the market, driving notable gains in associated stocks.
Coinbase and MicroStrategy Stocks Surge Ahead of U.S. Spot Bitcoin ETF Anticipation
As anticipation grows for the potential approval of a U.S. spot Bitcoin ETF, Coinbase, a leading cryptocurrency exchange, witnessed a 6.4% climb in its pre-market stock price, reaching $184.99.
This uptick follows the stock’s closing at $173.92 at the end of 2023.
Coinbase shares have surged by 36% over the past month, reflecting an impressive almost 420% increase throughout the year.
Despite these gains, COIN stock remains approximately 46% below its all-time high recorded in November 2021.
In parallel, MicroStrategy, recognized for its substantial Bitcoin holdings, experienced a notable surge in its share value.
#Coinbase, MicroStrategy Rise as #Bitcoin Rally Boosts #Crypto Stocks – Barron's https://t.co/0xNHwQVebP pic.twitter.com/R4c8vF2hcs
— Stock Market News (@Stock_Market_Pr) January 2, 2024
Coinbase and MicroStrategy
The company’s shares observed a 9.3% increase, driving the price to $690.30 in today’s pre-market trading, following a year-end closing price of $631.6.
During the past month alone, the stock has notched an impressive 25% gain, adding to its remarkable surge of 372% over the previous year.
Coinbase and MicroStrategy- Anticipation of U.S. Spot BTC ETFs Boosts Bitcoin and Related Stocks
The surge in Bitcoin’s value and associated stocks, such as Coinbase and MicroStrategy, is significantly fueled by the growing anticipation of the approval of U.S. spot Bitcoin ETFs.
These ETFs are anticipated to streamline the investment process in Bitcoin, offering regulatory clarity and increased attractiveness, potentially expanding its market presence and attracting more investors.
In the last 24 hours, Bitcoin itself has witnessed a 7% increase, currently trading at $45,320.22. This uptick is closely tied to the expected approval of U.S. spot Bitcoin ETFs.
Coinbase, selected by entities like BlackRock, Franklin Templeton, and Grayscale, is poised to provide custodial services for their forthcoming spot Bitcoin ETFs.
A Coinbase spokesperson expressed the company’s readiness for ETF approval, highlighting their system’s capacity to handle the anticipated surge in trading volume and demand.
In a noteworthy development last week, MicroStrategy announced the acquisition of an additional 14,620 Bitcoins to its holdings, executed between November 30 and December 26.
This purchase brings the company’s total Bitcoin holdings to 189,150, valued at approximately $8.7 billion at current prices.
With an average Bitcoin purchase price of $31,168, MicroStrategy’s investment is currently reflecting a paper gain of $2.8 billion.
For any queries and suggestions contact us here.
