price spiked sharply mid-Monday, readying to break the $30k resistance. However, soon after having reached $29.4k, gains were lost. The spike’s culprit was unsubstantiated Cointelegraph reporting on X that BlackRock’s iShares Bitcoin ETF has received approval from the SEC.
This makes MSTR one of the most giant Bitcoin whales and influential market makers, whether for the upside or the downside. As a business intelligence company, MicroStrategy reported $120.4 million in revenue in Q2 2023, most from software licenses and subscription services. Both received year-over-year growth, at 4% and 42%, respectively.
Given the near inevitability of a Bitcoin ETF approval and the market’s reaction, MicroStrategy’s big bet will likely materialize. Year-to-date, MSTR investors could have gained more than merely holding BTC, gaining a 125% upper hand over Bitcoin’s 70%. Nasdaq gives MSTR a “strong buy” recommendation with an average price target of $433.25 and a low estimate of $210 against $324.32 at press time.has done much to turn away customers.
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