May 29, 2024
Bitcoin's Rally Boosts Coinbase, MicroStrategy Stocks by 9% Ahead of Market Open
Bitcoin News

Crypto Giants Coinbase and MicroStrategy Ride Bitcoin Surge to 150% YTD Gain

Ahead of the market opening, the stocks of Coinbase (COIN) and MicroStrategy (MSTR) surged by almost 9% following a 4% increase in bitcoin (BTC) over the past day, marking a year-to-date gain of over 150%.

Traders view these two companies as representative indicators of the crypto markets due to their strong connections to bitcoin. Coinbase stands as one of the largest cryptocurrency exchanges in terms of trading volumes and is among the limited number of publicly traded crypto firms in the U.S. This company, known for its adherence to regulatory standards, is identified as a custodian for multiple proposed bitcoin spot exchange-traded fund (ETF) products in the nation. Last week, the Nasdaq-listed shares of this crypto exchange hit their highest mark since April 2022, closing at $133 on Friday and tallying year-to-date returns of over 200%.

In contrast, MicroStrategy, a business software firm, holds the title of being the largest public holder of bitcoin, possessing 174,000 BTC amassed over three years through company fund investments and bond sales. The current value of these holdings is equivalent to more than 88% of MicroStrategy’s $8.2 billion market capitalization.

Ahead of Monday’s opening, MSTR traded at $574, matching a level previously observed in April 2022. The recent surge in bitcoin’s value is fueled by optimism surrounding potential approval by U.S. regulators for exchange-traded funds (ETFs) holding BTC. Experts anticipate this move to stimulate substantial investment influx into the primary cryptocurrency.

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