As the price of BTC has been on the rise, so have certain stocks that are closely related to the asset or the industry. MicroStrategy’s stock price has increased by over 250% and Coinbase (COIN) has surged by 240% since the beginning of the year.
Rise After a Challenging 2022
Following a difficult 2022, when market prices dropped by more than 50%, almost all crypto-related companies, projects, and assets were struggling at the start of 2023. Both Coinbase and MicroStrategy saw their stock prices decline, but they began to recover alongside the rest of the market.
The recent surge in stock prices for MicroStrategy and Coinbase coincided with a similar surge in the price of bitcoin, which recently reached $38,500 for the first time in 18 months.
MicroStrategy’s bitcoin Bet
Despite experiencing significant unrealized losses on their multi-billion dollar bitcoin bet when BTC‘s price plummeted, MicroStrategy stuck to its BTC-buying policy. Now, as bitcoin has resurged, the company holds a massive unrealized profit of over $1 billion. MicroStrategy has no plans to sell any of their BTC holdings.
### News source: cryptopotato.com