Even Bloomberg Analyst Couldn’t Believe It: Something Extraordinary Is Happening at MicroStrategy After Bitcoin Move – “I’ve Never Seen It Before”

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Bitcoinsistemi2024/11/21 04:00

By:Mete Demiralp

Bloomberg analyst Eric Balchunas shared surprising information about MicroStrategy following its Bitcoin initiative.

MicroStrategy made waves in financial markets today, with its market value at one point exceeding $100 billion and its stock becoming the most-traded stock in the United States.

Its trading volume even surpassed that of Tesla (TSLA) and Nvidia (NVDA), two market giants known for their high levels of activity.

The surge in activity appears to be linked to news that the commercial IT company plans to increase the issuance of its zero-interest convertible senior notes to $2.6 billion. The announcement has sparked renewed investor interest in the company, known for its aggressive Bitcoin buying strategy.

Bloomberg ETF analyst Eric Balchunas highlighted the volume of trading activity, tweeting: “Wow, MSTR is the most traded stock in America today… Crazy to beat TSLA and NVDA. It’s been years since a stock has traded more than either of those two (GME would be the last to do so). And it’s about twice as much as SPY! Crazy times.”

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MicroStrategy's market activity has eclipsed the SPDR SP 500 ETF Trust (SPY), a benchmark for overall market trading volumes, and MSTR trading volume has reached unprecedented levels.

The effect extended to ETFs tracking MicroStrategy. Leveraged ETF MSTU (2x MSTR) was the fifth most-traded ETF of the day, while MSTX (another MicroStrategy-focused product) was eighth. “I’ve never seen this before,” Balchunas said, underscoring the unusual market dynamics.

*This is not investment advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Strategy reported a Q4 net loss of $670.8 million, largely due to a $1 billion impairment on its bitcoin holdings, while increasing its BTC reserves to a record 471,107 BTC.With a recent accounting change allowing unrealized bitcoin gains to be recognized, analysts suggest MSTR could be on track for S&P 500 inclusion.

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Cboe BZX Exchange filed 19b-4 forms with the Securities and Exchange Commission late Thursday to list and trade spot XRP ETFs for Bitwise, 21Shares and Canary Capital.Asset management giant BlackRock has increased its ownership stake in Strategy (formerly MicroStrategy) from 4.09% to 5%, according to a Schedule 13G filing with the SEC.

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