Popular stocks that offer investors something Bitcoin Commitment has continued its decline as the price of the leading cryptocurrency collapses following the highly anticipated launch of spot crypto exchange-traded funds (ETFs) in the United States.
Major stocks of publicly traded companies that hold Bitcoin – such as MicroStrategy, Tesla and Coinbase – have fallen significantly over the past month.
Such stocks allow investors to get in on the crypto game – without purchasing digital assets themselves. But since Bitcoin, the largest and oldest digital coin, has get a beating This month the same applies to crypto stocks.
MicroStrategy (NASDAQ: MSTR), the largest public holder of BTC with 189,150 coins worth $7.5 billion today, is down 25% over the past month and is trading at $450.99 per share.
Meanwhile, shares of electric car maker Tesla (NASDAQ: TSLA) are down over 19% at $207.83. Elon Musk's tech company owns over $386 million worth of BTC.
And America's largest crypto exchange, Coinbase (NASDAQ: COIN), the went public in 2021 has fallen even further – with a 29% decline last month. COIN is trading for $121.34 per share today.
Lots of stocks –especially mining stocks– typically perform well or even better than the crypto industry when there is interest in the digital asset space.
And with the price of Bitcoin having collapsed so far in 2024, the biggest Bitcoin stocks are not doing well. Canadian Bitcoin miner Hut, which trades on the Toronto Stock Exchange as HUT, is down more than 64% for the month.
And American miner Riot Platforms (NASDAQ: RIOT) is down over 41%, with its share price at just over $10. The miners are two of the largest publicly traded Bitcoin holders.
The price of Bitcoin has fallen sharply so far this year – even with begin several Bitcoin ETFs. Analysts were divided over whether the launch of the long-awaited investment vehicles, which allow investors to buy stocks that track the price of the cryptocurrency, would lead to a bull run.
While it may be too early to tell whether a flood of capital will lead to a rise in the price of BTC, the asset is currently suffering. And it appears that crypto stocks are being dragged further down by this.
Edited by Andrew Hayward
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