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Stocks that offer exposure to Bitcoin (CRYPTO: BTC) have experienced a downturn following the cryptocurrency’s drop in price below $41,000. This is despite the initial excitement surrounding the introduction of spot crypto exchange-traded funds (ETFs) in the United States.
Companies holding significant Bitcoin assets, such as MicroStrategy Inc (NASDAQ:MSTR) and Coinbase Inc (NASDAQ:COIN), have seen their stock prices fall in the past month.
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These equities allow investors to gain exposure to crypto assets without directly investing in them. However, with Bitcoin’s value under pressure, the impact has also affected related stocks.
During the same time frame, the stock value of MicroStrategy fell by 25% on January 24, 2024, dropping to $450.99. On January 10, the Securities and Exchange Commission (SEC) approved the introduction of spot Bitcoin ETFs, leading to the launch of nine new funds on the market. The company, known for its substantial Bitcoin holdings worth $7.5 billion, currently holds 189,150 BTC.
During the same time frame, the share price of Coinbase, the US’s largest cryptocurrency trading exchange with 9,480 BTC in reserves, has fallen by 29% since its initial public offering in 2021. As of Wednesday, shares were trading at $121.34.
