MicroStrategy Incorporated MSTR shares are trading higher Friday amid strength in Bitcoin BTC/USD. Here’s a look at what’s going on.
Understanding the Current Situation:
Following the approval of Bitcoin spot ETFs, crypto-related stocks saw a downturn in performance, leading to Microstrategy shares plunging more than 22% despite Friday’s gains. Additionally, the price of Bitcoin dropped below $39,000 earlier in the week, but has bounced back with a more than 5% increase on Friday.
CEO Michael Saylor has been consistently offloading shares of the company, selling more than 126,000 shares this week, according to SEC filings. However, Microstrategy remains the largest holder of Bitcoin with 189,150 Bitcoin in its portfolio.
Looking ahead, Microstrategy is set to release its fourth-quarter earnings after the market close on Feb. 6 and will host a conference call to discuss the results at 5 p.m. ET on the same day. Based on estimates from Benzinga Pro, the company is expected to report earnings of 55 cents per share and quarterly revenue of $132.9 million.
Related News: Unraveling the Performance of Marathon Digital and Riot Platforms’ Stock
Stock Performance: According to Benzinga Pro, Microstrategy shares are up 7.28% at $491.12 at the time of publication.
Photo via Shutterstock
