Home Business Bitcoin companies like MicroStrategy are seeing their shares soar

Bitcoin companies like MicroStrategy are seeing their shares soar

Bitcoin bedrijven als MicroStrategy zien aandelen explosief stijgen

Optimism has returned to the crypto market, leading to a sharp rise in Bitcoin (BTC) and more Altcoins. It has also caused shares of several well-known publicly traded crypto companies to rise sharply again.

MicroStrategy (MSTR)

As a Bitcoin fan, you have most likely heard of MicroStrategy (MSTR). It Business intelligence Michael Saylor’s company was the first publicly traded company to invest heavily in Bitcoin in the summer of 2020.

After the largest exchanges, the company is now by far the largest Bitcoin owner in the world. MicroStrategy owns a whopping 158,400 BTC, worth about $6 billion.

This means that investors who buy MSTR shares have an indirect stake in Bitcoin. On Friday, MSTR stock hit its highest close since late 2021, as the crypto bear market was just beginning. MSTR price will reach $520 in 2023 after a 260% increase.

Coinbase (COIN)

Also the shares of the The world’s second largest crypto exchange, Coinbase (COIN), is performing strongly. COIN price reached a close of $115.5 on Friday after rising 244% this year. 60% of these took place in the last month.

At the beginning of November, Coinbase announced its figures for the third quarter. These were not really positive yet – the company was still making losses despite the increased prices of cryptocurrencies. Since then, COIN price hasn’t looked back.

Marathon Digital (MARA)

Bitcoin mining companies are also doing well. Listed miner Marathon Digital (MARA) published excellent quarterly results earlier this month, but the price is currently 41% below its peak at the beginning of this year. During this time, miners thrived due to the large number of transactions and the extremely high transaction costs.

Still, MARA price is rallying again, hitting $11.41 on Friday after a 235% rise in 2023, 30% of which occurred in the last month.

Grayscale Bitcoin Trust (GBTC)

Finally, we have the Grayscale Bitcoin Trust (GBTC), the largest Bitcoin fund in the world. The fund had a pretty tough time during the 2022 bear market, but is already up 280% this year, hitting $31.21 on Friday.

Also the so-called premium discount on the Net Asset Value (NAV) of the fund is the lowest since mid-2021, in the middle of the bull market. The discount is only 8% and was almost 50% at the end of last year

Grayscale is also in the running to convert its GBTC fund into one exchange traded fund (ETF) or exchange traded fund. However, it is still awaiting approval from American regulators

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