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Before the approval of the Bitcoin (BTC) spot ETF, Microstrategy (MSTR) stock was one of the most prominent stocks traded by investors for long-term exposure to BTC.
According to investment firm Kerrisdale Capital, there may be a few reasons for investors to gain exposure to BTC, as a crowd of companies secured regulatory approval in January 2024.
Kerrisdale Capital highlighted while talking further, “The days when MicroStrategy shares represented a rare, unique way to gain access to Bitcoin are long over.”
The investment firm states that it has short positions on MSTR stock. In the past 30 days, the stock added +681.72 to its trading price. At the time of writing, the stock was trading at $1,704.
Kerrisdale Capital said they are long bitcoin and short shares of MicroStrategy, a proxy for bitcoin, which trades at an unjustifiable premium to the digital asset that drives its value.
In the past 52 weeks, MSTR stock traded highest at $1999.99 and fell to $266, its lowest price in the time frame.
Kerrisdale Capital adds, “Shares of MicroStrategy have soared amid a recent rise in the price of bitcoin but, as is often the case with crypto, things have gotten carried away.”
Micheal Saylor’s Views Over the Bitcoin and Microstrategy
Micheal Saylor, the former Chief Executive Officer of Microstrategy, has often expressed his confidence in the firm and believes that the company will continue to flourish and attract new users of Bitcoin.
He is known as one of the biggest crypto enthusiasts; as per several claims, Saylor holds approximately 17,000 Bitcoin worth billions. Following the growth in Bitcoin price, MSTR’s stock market capitalization changed and added 173% to its market cap.
As of writing, the market cap of Microstrategy is $28.92 Billion; earlier this year, it was $10.55 Billion. After the approval of the Bitcoin spot ETF, Saylor came into the media several times and favored the further growth of Bitcoin.
Crypto Market Price Overview
According to Forbes, the global cryptocurrency market capitalization is $2.78 Trillion, and intraday trading volume is $107.74 Billion. Bitcoin (BTC), the market leader, has lost 1.24% of its trading value; at the time of writing, it was trading at $70.11k.
Ethereum, the second most prominent cryptocurrency in terms of market capitalization, slipped 1.39% in the past 24 hours and fell to $3.55k.
Cat in a Dogs World (MEW) price grew 52.59% intraday, which makes it the topper of the gainer list, The Doge NFT (DOG) 38.30%, Qredo (QRDO) 37.69%, LimeWire (LMWR) 32.32%, and Vara Network (VARA) 30.96%.
The losers list is ruled by Pundi X (OLD) lost 42.45% of its price, Coinmetro (XCM), PigCatSol (PC) 33.85%, Moonwell (WELL) 24.45%, Syncus (SYNC) 22.45%, and Aviator (AVI) 21.00%.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
