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MicroStrategy Leads Crypto Stocks Rally as Bitcoin Hits $104,000

MicroStrategy soared 6.1%, while Robinhood Markets (NASDAQ:HOOD) and Coinbase Global (NASDAQ:COIN) rose 4.3% and 3.5%, respectively. Mara Holdings and Riot Platforms (NASDAQ:RIOT) increased approximately 6% and 4%, respectively, according to CNBC data.

As of Wednesday’s close, MicroStrategy’s stock was up 542.8% year to date. Robinhood is up more than 200%, while Coinbase has nearly doubled. Mara Holdings has underperformed the pack with a 10.5% increase.

MicroStrategy’s aggressive Bitcoin acquisition strategy has boosted MSTR stock growth. According to Michael Saylor, MicroStrategy’s cofounder and chairman, the company raised $13.5 billion and bought 149,880 BTC for about $90,231 in November.

The company increased its BTC holdings this week; on Dec. 2, MicroStrategy revealed that it had acquired 15,400 BTC for over $1.5 billion, or around $95,976 per Bitcoin, and had achieved a BTC yield of 38.7% QTD and 63.3% YTD. As of Dec. 2, MicroStrategy holds 402,100 BTC acquired for $23.4 billion, or nearly $58,263 per Bitcoin.

Investors have also flooded into leveraged MicroStrategy ETFs, according to a JPMorgan research note released on Wednesday.

Bitcoin was last up 7.24% at $102,896 at the time of writing, according to CoinMarketCap data. In 2024, Bitcoin has increased by more than 140% this year. The recent pick of pro-crypto Paul Atkins as SEC chairman has helped to fuel the increase.

Speaking at the DealBook conference on Wednesday, Federal Reserve Chair Jerome Powell described Bitcoin as “just like gold, only it’s virtual, it’s digital.” He clarified that “people are not utilizing it as a form of money, or as a store of value” and that “it’s not a competition for the dollar, it’s really a competitor for gold.”

This article was originally published on U.Today


Source: Cryptocurrency - investing.com

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