MicroStrategy shares plunged 20% in 48 hours following Bitcoin ETF approval
MicroStrategy Inc. (NASDAQ: MSTR) suffered a tough hit follow ing the Bitcoin spot ETF approval on January 10. Deemed as an indirect exposure to Bitcoin (BTC), Michael Saylor’s company now faces powerful Wall Street competitors. In a sequence of events, the SEC finally approved 11 ETFs for the leading cryptocurrency. In response, BTC traded as high as $48,965 a day after, but MSTR did not follow . Notably, MicroStrategy stock has directly correlated to Bitcoin’s price since Michael Saylor started accumulating BTC in his company’s treasury. However, this trend shifted by the start of 2024, although MSTR slightly outperformed Bitcoin in 2023. MicroStrategy peaked at $727.77 per share on Wall Street’s first trading day of the year and dropped. Its most notable losses only started on January 11, the first trading day for Bitcoin ETFs. MSTR opened the day at $589.99 and closed January 12 at $485.53 per share – with 19% losses in 48 hours . MicroStrategy (NASDAQ: MSTR) daily cha...