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Home»ADOPTION NEWS»Coinbase, MicroStrategy shares surge in pre-market trading as Bitcoin breaks out
ADOPTION NEWS

Coinbase, MicroStrategy shares surge in pre-market trading as Bitcoin breaks out

By Crypto FlexsJanuary 2, 20243 Mins Read
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Coinbase, MicroStrategy shares surge in pre-market trading as Bitcoin breaks out
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Shares of Coinbase and MicroStrategy surged about 6% and 9%, respectively, in pre-market trading this morning as Bitcoin surpassed $45,000 amid expectations of approval of a U.S. spot ETF.

Coinbase shares rose 6.4% to $184.99 in early trading in the new year, after closing the year at $173.92. Coinbase shares are up 36% in the past month and nearly 420% in a year, according to TradingView. However, COIN is still around 46% below its all-time high of around $343 set in November 2021.

COIN/USD price chart. Image: TradingView.

Coinbase is currently valued at $32.4 billion, according to The Block’s data dashboard.

Similarly, shares of MicroStrategy rose 9.3% to $690.30 in pre-market trading today, after closing at $631.6 last year. MicroStrategy stock is up 25% over the past month and up 372% over the past year, according to TradingView. MSTR is currently 8% off its 2021 high of $750.

MSTR/USD price chart. Image: TradingView.

Bitcoin spot ETF expectations

The move comes as the price of Bitcoin rose about 7% in the last 24 hours, reaching $46,000. A US spot Bitcoin ​​ETF is expected to be approved in the future. bitcoin BTC

+6.58%
It’s currently trading at $45,653, according to The Block’s. Pricing page.

BTC/USD price chart. Image: Block/TradingView.

Cryptocurrency exchange Coinbase has been tasked with providing fund management services from several spot Bitcoin ETF filers, including BlackRock, Franklin Templeton, and Grayscale. “We have prepared extensively for ETF approval,” a Coinbase spokesperson told Bloomberg on Friday. “Our system is designed and tested to handle the added trading volume, increased liquidity and general increase in demand on our system.”

Last week, MicroStrategy, a software company well known for its Bitcoin holdings, announced that it had held an additional 14,620 BTC between November 30 and December 26. MicroStrategy’s Bitcoin holdings currently total 189,150, worth approximately $8.7 billion at current prices. Purchased for an average price of $31,168, the company now has an increased book value of $2.8 billion.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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