COIN and MSTR Surging in 2023
In the midst of Bitcoin’s recent price surge, certain stocks in the crypto industry have also experienced significant gains. One example is MicroStrategy, whose stock price has increased by over 250% since the beginning of the year. Coinbase (COIN), the largest US-based crypto exchange, has also seen a surge of 240% during the same period.
Recovering from a Challenging 2022
Last year was challenging for many crypto-related companies and assets, with market prices declining by more than 50%. Both Coinbase and MicroStrategy saw their stock prices drop to multi-month lows at the start of 2023.
However, as the new year brought renewed optimism, both companies’ stocks began to climb alongside the overall market. Recently, MicroStrategy’s stock breached $500 and reached $520 for the first time since January 2022.
COIN’s Journey Past $100
Coinbase took six months to surpass $100, but its momentum slowed during a market retracement. Yet, a positive October and November pushed it back up, and COIN recently reached its highest price in over a year at $115.
Notably, these peaks aligned with Bitcoin’s recent jump to $38,500, its highest level in 18 months.
MicroStrategy’s Bitcoin Strategy
Despite Bitcoin’s significant drop last year, MicroStrategy remained committed to its BTC-buying policy. Even after Michael Saylor stepped down as CEO, the company continued to hold onto its substantial Bitcoin holdings.
This strategy is now paying off, as Bitcoin’s resurgence has resulted in a massive unrealized profit of over $1 billion for MicroStrategy. However, the company has made it clear that it has no plans to sell any of its BTC holdings.
Hot Take: Stocks Riding the Bitcoin Wave
As Bitcoin’s price continues to rise, stocks closely tied to the asset or the crypto industry are also experiencing significant gains. Companies like MicroStrategy and Coinbase have seen their stock prices surge in 2023, recovering from the challenges of the previous year.
MicroStrategy’s unwavering commitment to its Bitcoin holdings has paid off, with the company now sitting on a substantial unrealized profit. Meanwhile, Coinbase’s recent momentum has pushed its stock price to new heights.
These developments demonstrate how closely intertwined the performance of certain stocks is with the success of Bitcoin. As long as Bitcoin remains strong, these stocks are likely to continue riding the wave of its success.
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