MicroStrategy’s (NASDAQ:MSTR) investment of $1.15 billion that is now worth $3.9 billion.
The company s share price surged by over 500% since the announcement of its initial Bitcoin purchase, after it had remained relatively flat for five years.
At this point is MicroStrategy just going to file as a bitcoin ETF
The fact that the business intelligence company’s market value is so contingent on BTC price movements has led many analysts to say that MicroStrategy’s stock effectively functions as a Bitcoin ETF.
Conversely, companies like Square and Tesla haven t seen their stock price overly influenced by the underlying price of Bitcoin.
Slide in growth stocks pummel Nasdaq, Powell testimony underway - Netscape Money & Business netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.
Wall Street reversed course late Tuesday, with the S&P 500 and the Dow whipsawing to positive territory by the closing bell in a tug-of-war between stocks that thrived amid lockdowns and those that stand to benefit most from a reopening economy.
By Devik Jain and Shreyashi Sanyal (Reuters) - The Nasdaq index fell in volatile trading on Tuesday as investors sold off mega-cap growth stocks on valuation concerns, although Federal Reserve Chairman Jerome Powell s comments on the economy helped ease some selling pressure. In his testimony to the Senate Banking Committee, Powell pushed back on suggestions that the U.S. central bank s support for the economy risked inflating a dangerous asset bubble. Fears of a potential spike in inflation from a raft of stimulus measures and a rise in bond yields have triggered a selloff in the technology-related stocks, which were at the heart of a stunning rally that drove major indexes to record levels this year.
Nasdaq futures deepen slide ahead of Powell speech - Netscape Money & Business netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.