Despite the $100,000 Milestone for Bitcoin, MicroStrategy Loses up a Significant Gain Despite Bitcoin's overnight price surge past $100,000, cryptocurrency-related equities lost significant gains on Thursday. MicroStrategy fell 4.8% after rising more than 7% earlier in the day. Riot Platforms and Mara Holdings experienced losses of over 5% and over 4%, respectively. Meanwhile, Robinhood Markets …
Despite the $100,000 Milestone for Bitcoin, MicroStrategy Loses up a Significant Gain
Despite Bitcoin’s overnight price surge past $100,000, cryptocurrency-related equities lost significant gains on Thursday.
MicroStrategy fell 4.8% after rising more than 7% earlier in the day. Riot Platforms and Mara Holdings experienced losses of over 5% and over 4%, respectively. Meanwhile, Robinhood Markets fell 2.7% and Coinbase Global lost over 3%.
MicroStrategy has become a proxy for bitcoin, with the software company purchasing the digital currency in recent years, propelling the stock’s price higher. The stock has increased by more than 2,700% since 2020, when the company first began buying bitcoin.
Coinbase is a cryptocurrency exchange platform that is closely tied to bitcoin. Robinhood, an online broking, also lets traders to trade bitcoin and a variety of other cryptocurrencies using its smartphone. Meanwhile, Mara Holdings and Riot Platforms are also focused on bitcoin mining and digital infrastructure.
Still, MicroStrategy is up roughly 512% year to date. Robinhood is up over 205%, while Coinbase is up over 84%. Mara Holdings has trailed the group, gaining more than 5%.
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