With Bitcoin still pushing higher, keep an eye on the miners.
Last checked, BTC was up to $37,471, and could see $40,000 near-term. All in anticipation of a Bitcoin ETF. In fact, “At least nine asset management firms — including BlackRock, Wisdom Tree, Valkyrie, and others — are waiting for Securities and Exchange Commission approval to issue a spot bitcoin ETF. Experts say the first approval could come early in 2024,” says CNBC.
Not only has that been great news for BTC investors, but also for companies holding a significant chunk of BTC, like the miners.
Marathon Digital (MARA), for example, produced 9,812 BTC year to date and is now above $10 a share. Riot Platforms (RIOT) produced 7,345 BTC year to date and is nearing $11 a share. Coinbase Global (COIN) is now up to $99 a share – up about $7 a share.
Even MicroStrategy (MSTR) – which now owns more than 158,000 BTC is up to $508.15. From here, if BTC can push higher, MSTR could potentially see $600 this year.
As long as there’s hope we’ll see a BTC ETF by early 2024, BTC and related stocks should continue to push higher, too.