Bitcoin megastrategy, Ethereum giant Bitmine Immersion Technologies and crypto exchange Coinbase all looked greener as prices rose on Friday. $BTC It stabilized after dropping 14% on Thursday.
Strategy Inc., which trades on the Nasdaq under the ticker MSTR, is up 22% since the opening bell and was most recently trading at $131. The company has 713,502 $BTC Retrieved at an average price of $76,047. But then $BTC Yesterday, a Virginia software company took a nosedive and is now in financial trouble. $BTC cache.
Bitcoin was recently trading at $69,500 after stabilizing after yesterday’s plunge. According to crypto price aggregator CoinGecko, it has risen nearly 6% in the past day, but is still 16% lower than this time last week. Bitcoin price fell to $60,225 on Thursday, according to data from CoinGecko.
MSTR reported a loss of $12.4 billion in the fourth quarter during an earnings call late Thursday afternoon. “Strategy has built a digital fortress based on 713,502 Bitcoins, and the transition to digital credit aligns with Bitcoin’s indefinite horizon,” Michael Saylor, Strategy co-founder and executive chairman, said in a statement to shareholders.
However, at least two analysts tempered their optimism about the company. Canacord Genuity analyst Joseph Vafi lowered his stock price forecast for MSTR by 60% from $474 to $185. BTIG analyst Andrew Hart similarly lowered his price forecast to $250 from $630. However, both analysts maintained their Buy rating, saying there is still significant upside potential for investors.
Meanwhile, Tom Lee’s BitMine is the only Ethereum treasury that has made further additions. $ETH The company’s stock price, which was delivered to the vault in January, has risen 15% to about $20 since opening New York trading. The company manages 4,285,125 treasuries $ETH It is worth about $8.7 billion at current prices. As of this writing, BMNR had $7.5 billion in unrealized losses.
However, the Ethereum treasury works a little differently than the Bitcoin treasury. BMNR is betting $6.7 billion worth of stocks $ETH. Lee said last week that once the company had fully invested, $ETH Through MAVAN and its staking partners, you will earn over $1 million in rewards per day via the Ethereum network.
Coinbase is also making a comeback, with prices up 10% to $161 at the time of writing.
Coinbase, which trades on the Nasdaq under the ticker COIN, tends to stabilize quickly during market ups and downs. Chief Financial Officer Alecia Haas has previously said that volatility, which leads to high trading volumes, drives Coinbase’s profits.
“The increased volatility had a material impact on our trading revenue,” he said in February 2024, shortly after spot Bitcoin ETF trading was approved in the U.S. “We saw strong growth and re-engagement from both naive and advanced traders. There was a significant increase in average trading volume, which was noticeable among our advanced traders.”
Other major crypto stocks that soared on Friday included Bitcoin miners MARA Holdings and CleanSpark, both of which have recently increased in price by more than 19% to $8.06 and $9.87, respectively, as well as miners Terawulf and Riot Platforms, which rose by about the same level on the day. Meanwhile, institutional cryptocurrency firm Galaxy Digital rose more than 17% on the day to a price of nearly $20, after its stock tumbled earlier this week following a loss in profits.
