“Crypto” stocks are celebrating! If you have recovered quickly from the end-of-year celebrations and their often copious and boozy meals, you will not have missed the fact that Bitcoin (BTC) started 2024 by exploding the $45,000 resistance. Its price even briefly exceeded $45,800. In addition to taking other cryptocurrencies with it to the rise, Bitcoin also helps actions of companies linked to the sector to soar. Thus, the actions of MicroStrategy (MSTR) and Coinbase (COIN) are in great shape compared to a year ago.
MicroStrategy’s action: (barely) indirect investment in Bitcoin
Throughout 2023, MicroStrategythe company founded by Michael Saylorhas regularly accumulated bitcoinsas she has been doing conscientiously since the summer of 2020. So much so that her action MSTRlisted on the Nasdaq, has become a way of expose oneself indirectly to the king of cryptos via a stock market wallet.
It must be said that with a war chest of 189,150 bitcoins From now on – either $8.5 billion at the time of writing these lines – the destiny of MicroStrategy is closely linked to the good health of cryptocurrency. And with Bitcoin in particularly good shape, MSTR stock explodes !
Over the past year, MicroStrategy shares have gained +375% ! A spectacular progression worthy of a cryptocurrency. Just the latest rise in BTC beyond $45,000, at the very beginning of 2024, caused nearly +10% additional, with an MSTR action which affected the 715 dollars the unit this Tuesday, January 2, 2024, before stabilizing slightly below 700 dollars.
Coinbase’s COIN stock is reborn, like the phoenix, with the winning return of BTC
It must be admitted, with the harsh crypto winter of the year 2022, the action CORNER of the crypto-stock market Coinbase (listed on Nasdaq since April 2021) looked grim. Including a good part of the beginning of 2023. But the warming of the crypto market, helped by Bitcoin, has also brought back to life to the moribund actions of the company Brian Armstrong.
While COIN stocks fell to the bottom between late 2022 and early 2023 – even below 35 dollars the unit -, they ended the year on a high. Coinbase shares have thus exceeded 185 dollars the unit in the last days of December.
Even with a slight lull at the start of 2024, COIN has taken +368% in one year (at a little over 157 dollars this January 2)! However, still at the beginning of November, the action of the exchange platform was trading around only 77 dollars: more than +100% in just 2 months.
With respectively +375% and +368% over one year, the MSTR and COIN actions of MicroStrategy and Coinbase even afford the luxury to beat the progression of Bitcoin. Indeed, between the beginning of 2023 and the beginning of 2024, the Bitcoin price took “only” +170% ! If the year that begins keeps its promises (or let’s say, its hopes)particularly with regard to Spot Bitcoin ETFMicroStrategy and Coinbase shareholders may well continue to have a big smile on their faces in 2024.