While BTC’s price has been on a roll in the past few months, certain stocks with strong relation to the asset or the industry have been flying as well.
Such is the case with MicroStrategy, whose stock price is up by more than 250% since the start of the year, and Coinbase (COIN), which has seen a surge of 240% in the same timeframe.
COIN and MSTR Up by Triple Digits YTD
After the atrocious 2022, which saw market prices decline by more than 50% in months amid geo-political tension and industry collapses, almost all crypto-related companies, projects, and assets were struggling at the start of 2023.
Two of the giants connected to the space – Coinbase, the largest US-based crypto exchange, and MicroStrategy – the biggest corporate holder of BTC, had their shares’ prices slashed to multi-month lows.
COIN entered 2023 at $34, while MSTR was at $145. However, the new year began with a lot more optimism, and both companies’ stocks went on a roll alongside the rest of the market.
After several ups and downs during 2023, MSTR recently breached the $500 level and tapped $520 for the first time since January 2022.
It took COIN six months to surge past $100, but the stock lost its momentum in the subsequent market retracement. Nevertheless, the highly positive October and November pushed it back north, and CON recently registered its highest price in well over a year at $115.
It’s worth noting that these multi-month peaks coincided with similar developments for bitcoin as the primary cryptocurrency recently jumped to $38,500 for the first time in 18 months.
MicroStrategy’s Bitcoin Bet
When BTC was dumping hard and plummeted to about $16,000 last year, MicroStrategy’s multi-billion dollar bitcoin bet stood deep in the red, with the unrealized losses exceeding $1 billion at one point.
However, the company was not deterred from its BTC-buying policy, even after Michael Saylor, the man who was at the forefront of the firm and its bitcoin-related strategy, stepped down as CEO.
This ideology is starting to pay off. Bitcoin’s resurgence means that the largest corporate holder of BTC now stands with a massive unrealized profit of over $1 billion. Yet, MicroStrategy and its execs have indicated numerous times in the past that they have no plans to sell any of the BTC holdings.
The post Not Just Bitcoin: MicroStrategy (MSTR) and Coinbase (COIN) Soar to Highest Prices Since 2022 appeared first on CryptoPotato.
