News 
Coin Information 
About us 
In the wake of the much-anticipated introduction of spot crypto exchange-traded funds (ETFs) in the United States, stocks associated with Bitcoin are experiencing a notable decline.
The value of major stocks belonging to public companies heavily invested in Bitcoin, such as MicroStrategy, Tesla, and Coinbase, has decreased significantly in the past month.
Crypto Exposure Stocks
Investors seeking exposure to the cryptocurrency market through equities tied to Bitcoin are grappling with losses as the leading digital currency faces a downturn.
According to Decrypt, notable companies like MicroStrategy, boasting the largest public holding of BTC with 189,150 coins valued at $7.5 billion today, have witnessed a 25% decline in the past month, with shares trading at $450.99.
Similarly, Tesla, the electric car giant led by Elon Musk, has seen its stock (NASDAQ: TSLA) drop by over 19%, currently priced at $207.83. Tesla, known for its tech prowess, holds a significant Bitcoin reserve valued at over $386 million.
America's prominent cryptocurrency exchange, Coinbase (NASDAQ: COIN), which went public in 2021, has also experienced a substantial dip of 29% over the past month. The current trading value of COIN stands at $121.34 per share.
Impact on Crypto Stocks
As Bitcoin encounters a challenging period this year, even with the launch of several Bitcoin ETFs, stocks linked to the digital currency are facing the consequences.
According to Crypto Slate, despite analysts' varying opinions regarding whether the ETFs would trigger a bullish market trend, Bitcoin is currently grappling with a downward trend.
Traditionally, stocks, particularly those associated with mining, tend to perform well or even outperform the broader crypto industry when there is heightened interest in the digital asset space. However, the persistent decline in Bitcoin's value is casting a shadow on the overall performance of crypto-related stocks, indicating that the challenges faced by the cryptocurrency market are reverberating across various investment vehicles.
Photo: Behnam Norouzi/Unsplash
Comment 0