Crypto Stocks Rally Pre-Market as Bitcoin Tops $46K
Bitcoin climbed over $46,000 for the first time in nearly a month early Friday, extending its gain for the week to nearly 10%.
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Bitcoin climbed over $46,000 for the first time in nearly a month early Friday, extending its gain for the week to nearly 10%.
The recently launched spot bitcoin ETFs, excluding Grayscale’s GBTC, added nearly another 5,000 tokens to their holdings yesterday, and now at more than 192,000 BTC, hold more of the crypto than MicroStrategy (MSTR), whose total stood at 190,000 as of the end of January.
MicroStrategy (MSTR), the software firm whose executive chairman is bitcoin maximalist Michael Saylor, reported weaker-than-expected fourth quarter earnings on Tuesday, but the majority of its conference call presentation focused on the crypto.
Saylor said in an earlier earnings call that he will use the proceedings to meet personal obligations and buy additional bitcoin to his personal account.
The decline happened as bitcoin spiked above $45,000 during the day as traders anticipate an imminent spot BTC ETF decision in the U.S.
U.S.-listed companies rode bitcoin’s bullish momentum to show significant gains in pre-market trading, including COIN, MSTR, MARA and RIOT.
Early investors in MSTR can consider taking profit as shares appear overvalued and could fall by 20%, according to 10x Research.
Microstrategy’s CEO Michael Saylor tweeted on Wednesday that the company had acquired an additional 14,620 bitcoin.
A large increase in demand coupled with lower supply should set the stage for higher prices in 2024, he told Bloomberg.