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MicroStockHub
With Monday’s bitcoin (BTC-USD) surge, companies that hold bitcoin saw their stocks rise even further, with two main beneficiaries being Grayscale Bitcoin Trust (OTC:GBTC), up 13%, and MicroStrategy ( NASDAQ:MSTR), up ten%.
In Monday afternoon trading, bitcoin (BTC-USD) gained 2.4% in the past 24 hours, topping $17,000 for the first time since Dec. 15.
GBTC’s goal is to hold bitcoins (BTC-USD), while MicroStrategy (MSTR) is a software company that holds bitcoins on its balance sheet. Its president, Michael Saylor, believes that the digital asset carries less risk than silver or gold.
As of December 27, MicroStrategy (MSTR) held approximately 132.5,000 bitcoins (BTC-USD), giving its stash a value of approximately $2.21 billion at the time. With bitcoin’s recent rise, his holdings now stand at around $2.92 billion.
Earlier in December, MSTR sold approximately 704 bitcoins for $11.8 million and plans to carry forward capital losses from the transaction against prior capital gains.
In comparison, Block (SQ) has a relatively small stake in bitcoins (BTC-USD). As of September 30, 2022, its investment in the token had fallen to $111.3 million from $149.0 million as of December 31, 2021, according to its Q3 10-Q filing. The payment technology company had invested a total of $220 million in bitcoin in 2020 and 2021. Block (SQ) stock rose 1.5% in Monday afternoon trading.
Contributor SA Investor Trip advises to ignore MicroStrategy (MSTR) haters and hold on to the crypto winter.
Meanwhile, The Digital Trend said GBTC was to bitcoin what the dollar was to gold.
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