Ether Tumbles 5.8%, Leading Large Crypto Losses, With Bitcoin Sliding Below $71K
Crypto-linked stocks such as MicroStrategy, Coinbase, Robinhood and bitcoin miners MARA, RIOT also suffered sizable declines.
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MSTR
Crypto-linked stocks such as MicroStrategy, Coinbase, Robinhood and bitcoin miners MARA, RIOT also suffered sizable declines.
Bears on MicroStrategy’s high stock price compared to the amount of its bitcoin holdings are overlooking the company’s “unique” shareholder value, investment banking firm Benchmark said in a research report on Friday.
NEAR, UNI and APT led crypto gains, while bitcoin (BTC) faded after pushing through $64,000 earlier in the day.
Seven days after hitting the market, the T-REX 2X Long MSTR Daily Target ETF (MSTU) has become one of the most successful new exchange-traded funds (ETFs) on the market after attracting over $72 million.
With the latest acquisition, the company now holds 252,220 bitcoin worth nearly $16 billion at current prices.
The company is the largest corporate bitcoin holder with 244,800 bitcoin worth over $14 billion in its treasury.
The broker raised its year-end price target for the software company to $2,150 from $1,875.
MicroStrategy reported second-quarter earnings on Thursday.
The Japanese investment adviser said it acquired more than 20.2 BTC.
Bloomberg ETF analyst Eric Balchunas said this will be the ‘ghost pepper’ of ETF hot sauce.