On the other hand, Coinbase is less affected by Bitcoin price fluctuations. As long as trading volumes remain high, whether through sell or buy transaction, it will continue make money from the trading fees. This article first appeared on GuruFocus.
MicroStrategy Inc. (NASDAQ:MSTR) shares dropped 2.35% in overnight trading on Robinhood Markets on Tuesday, falling to $386.80 as cryptocurrency markets reacted to President Donald Trump‘s inauguration speech that notably omitted any mention of digital assets.
MicroStrategy Buys $1.1 Billion of Bitcoin
Shares of MicroStrategy Inc. (MSTR) fell nearly 1% in pre-market trading on Tuesday after Bitcoin (BTC) prices tumbled from highs of $109,114.88 to as low as $100,103.96 on Monday. President Donald Trump was expected to mention Bitcoin during his inauguration speech on Monday.
The total value of all cryptocurrencies in circulation currently stands at $3.5 trillion, which is near a record high. Bitcoin ( BTC 1.17%) accounts for more than half of that value, thanks to its market capitalization of almost $2 trillion.
These are some of the top MSTR stock ETFs that give investors exposure to Michael Saylor's company. These funds also have other crypto firms.
MicroStrategy continues its Bitcoin acquisition strategy with a new $1.1 billion purchase of 11,000 BTC, as announced by Michael Saylor.
As trader, the rise of corporations with largest Bitcoin holder is a trend worth monitoring as it reshapes boundaries of traditional & digital finance
On Jan. 21, MicroStrategy ( MSTR, Financial) will vote to boost its authorized Class A common share count from 330 million to 10.3 billion. The move is to raise $2 billion of funds from its preferred stock offering in order to secure money for its Bitcoin (BTC) acquisition strategy.
That all changed in 2020, when MicroStrategy's co-founder and then-CEO Michael Saylor directed it to buy 21,454 Bitcoin s ( BTC 4.66%) for $250 million. It then accumulated more Bitcoin each year, and it held 450,000 Bitcoins as of Jan. 13.
The MicroStrategy CEO is buying as much of the cryptocurrency as he can. Some big-name investors are going along for the ride.
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