Cryptocurrency

COIN

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Bitcoin

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 The Bitcoin price approached the $46,000 psychological level on Jan. 2, causing shares of Coinbase (COIN) and MicroStrategy (MSTR) to surge &nbsp;6% and 9%, respectively.
 <figure id="attachment_469643" aria-describedby="caption-attachment-469643" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-469643 size-full" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201278%20543'%3E%3C/svg%3E" alt="BTC/USDT 1-week,&nbsp; COIN 1-week chart, MSTR 1-week chart" width="1278" height="543" data-lazy-srcset="https://cdn.thebittimes.com/images/2024/01/03/bd5e5f31f0375dc769b445eb42cfca0b.webp 1278w, https://cdn.thebittimes.com/images/2024/01/03/bd5e5f31f0375dc769b445eb42cfca0b.webp 300w, https://cdn.thebittimes.com/images/2024/01/03/bd5e5f31f0375dc769b445eb42cfca0b.webp 1024w, https://cdn.thebittimes.com/images/2024/01/03/bd5e5f31f0375dc769b445eb42cfca0b.webp 768w" data-lazy-sizes="(max-width: 1278px) 100vw, 1278px" data-lazy-src="https://cdn.thebittimes.com/images/2024/01/03/bd5e5f31f0375dc769b445eb42cfca0b.webp">
 <noscript><img decoding="async" class="wp-image-469643 size-full" src="https://cdn.thebittimes.com/images/2024/01/03/bd5e5f31f0375dc769b445eb42cfca0b.webp" alt="BTC/USDT 1-week,&nbsp; COIN 1-week chart, MSTR 1-week chart" width="1278" height="543" srcset="https://cdn.thebittimes.com/images/2024/01/03/bd5e5f31f0375dc769b445eb42cfca0b.webp 1278w, https://cdn.thebittimes.com/images/2024/01/03/bd5e5f31f0375dc769b445eb42cfca0b.webp 300w, https://cdn.thebittimes.com/images/2024/01/03/bd5e5f31f0375dc769b445eb42cfca0b.webp 1024w, https://cdn.thebittimes.com/images/2024/01/03/bd5e5f31f0375dc769b445eb42cfca0b.webp 768w" sizes="(max-width: 1278px) 100vw, 1278px">
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 <figcaption id="caption-attachment-469643" class="wp-caption-text">
 BTC/USDT 1-week,&nbsp; COIN 1-week chart, MSTR 1-week chart
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 With the Bitcoin price rising 7%, COIN rose to an intra-day high of $187.29 and MSTR to $689.35.
 The surge in the Bitcoin price came on the back of anticipation that spot BTC exchange-traded funds (ETFs) will be approved imminently. That followed a Reuters report that indicated a decision from the US Securities and Exchange Commission (SEC) might come between Jan. 2 and 3.
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 SEC *may* notify issuers as soon as Tuesday or Wednesday that they have been cleared to launch spot bitcoin ETFs the following week…
 via @Reuters pic.twitter.com/Tj0QWrpfkv
 — Nate Geraci (@NateGeraci) December 30, 2023
 </blockquote>
 
 <h2 id="why-coin-shares-are-surging-alongside-the-bitcoin-price">Why COIN Shares Are Surging Alongside The Bitcoin Price</h2>
 The surge in COIN shares comes in part because the Coinbase exchange is listed by multiple spot BTC ETF filers for their Surveillance Sharing Agreements (SSA).
 Among the firms that will use Coinbase for their SSAs are BlackRock&nbsp;and Fidelity
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Gensler was asked today in a webinar about Coinbase being at center of ETF filings. He couldn't comment on the filings but went pretty negative on crypto exchanges saying they operate "conflicting services" and have "limited risk monitoring" Here's full quote via @TheBlock__ pic.twitter.com/iCVl906GyF
 — Eric Balchunas (@EricBalchunas) July 12, 2023
 </blockquote>
 
 Coinbase’s heft as the largest US-based exchange also means it handles a substantial portion of US-based and USD-denominated Bitcoin trading.
 <h2 id="making-a-case-for-microstrategy">Making A Case For MicroStrategy</h2>
 For MicroStrategy, the surge comes as the investment firm is among the largest BTC holders, and is thus held by many investors for indirect exposure to Bitcoin.
 In the last week of 2023, the firm revealed that it had added 14,620 BTC to its portfolio between November 30 and December 26 that were worth about $615 million&nbsp;at the time.
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 MicroStrategy has acquired an additional 14,620 BTC for ~$615.7 million at an average price of $42,110 per #bitcoin. As of 12/26/23, @MicroStrategy now hodls 189,150 $BTC acquired for ~$5.9 billion at an average price of $31,168 per bitcoin. $MSTR https://t.co/PKfYY59sTW
 — Michael Saylor⚡️ (@saylor) December 27, 2023
 </blockquote>
 
 The addition brought the firm’s stash to 189,150 Bitcoins worth around $8.7 billion at current prices. These were purchased at an average price of $31,168, with the investment firm now recording upwards of $2.8 billion in paper profits on the holdings.
 <h3 id="also-read">Also Read:</h3>
 <ul>
 <li>Bitcoin Price Prediction: VanEck Advisor Suggests BTC ETFs May Fuel A Quadrupling Of The BTC Price As Experts Say This BTC Derivative May Be The Best Cryptocurrency To Buy Now</li>
 <li>Coinbase Soars 381% In 2023 On Binance Legal Woes, Resurgent Crypto Market</li>
 <li>Cathie Wood’s Ark Invest Cashes In On Coinbase As Shares Hit 20-Month High</li>
 </ul>
 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-surge-sends-coinbase-microstrategy-shares-on-a-tear-tbt75382.html">https://thebittimes.com/bitcoin-price-surge-sends-coinbase-microstrategy-shares-on-a-tear-tbt75382.html</a>
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Bitcoin Price Surge Sends Coinbase, MicroStrategy Shares On A Tear

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