More and more bitcoin miners are starting to undertake a strategy harnessed by MicroStrategy , according to JPMorgan. MicroStrategy shares have been one of the hottest trades of the year as cryptocurrencies rallied to new highs and the victory of President-elect Donald Trump set off another wind as investors bet the new administration would adopt a more favorable stance toward digital assets.
mountain Shares this year The Michael Saylor-run software company has been widely known for snatching up the digital currency in recent years, with shares up more than 500% amid the monster rally. Bitcoin hovered above $100,000 on Thursday. And the trend to buy up bitcoin is catching on with mining stocks, noted JPMorgan's Nikolaos Panigirtzoglou. This is due in part to the rise of spot bitcoin ETFs, which have replaced the use of mining stocks as proxies for the trade.
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