Bitcoin Price Surge Sends Coinbase, MicroStrategy Shares On A Tear

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The Bitcoin price approached the $46,000 psychological level on Jan. 2, causing shares of Coinbase (COIN) and MicroStrategy (MSTR) to surge  6% and 9%, respectively.

BTC/USDT 1-week,  COIN 1-week chart, MSTR 1-week chart

With the Bitcoin price rising 7%, COIN rose to an intra-day high of $187.29 and MSTR to $689.35.

The surge in the Bitcoin price came on the back of anticipation that spot BTC exchange-traded funds (ETFs) will be approved imminently. That followed a Reuters report that indicated a decision from the US Securities and Exchange Commission (SEC) might come between Jan. 2 and 3.

Why COIN Shares Are Surging Alongside The Bitcoin Price

The surge in COIN shares comes in part because the Coinbase exchange is listed by multiple spot BTC ETF filers for their Surveillance Sharing Agreements (SSA).

Among the firms that will use Coinbase for their SSAs are BlackRock and Fidelity

Coinbase’s heft as the largest US-based exchange also means it handles a substantial portion of US-based and USD-denominated Bitcoin trading.

Making A Case For MicroStrategy

For MicroStrategy, the surge comes as the investment firm is among the largest BTC holders, and is thus held by many investors for indirect exposure to Bitcoin.

In the last week of 2023, the firm revealed that it had added 14,620 BTC to its portfolio between November 30 and December 26 that were worth about $615 million at the time.

The addition brought the firm’s stash to 189,150 Bitcoins worth around $8.7 billion at current prices. These were purchased at an average price of $31,168, with the investment firm now recording upwards of $2.8 billion in paper profits on the holdings.

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