MicroStrategy Incorporated MSTR shares are trading higher Friday amid strength in Bitcoin BTC/USD. Here’s a look at what’s going on.
A Crypto Rollercoaster
Crypto-related stocks took a hit following the approval of Bitcoin spot ETFs, and MicroStrategy shares are down more than 22% in spite of Friday’s gains. The price of Bitcoin even fell below $39,000 earlier this week, however, it is up more than 5% on Friday.
Microstrategy CEO Michael Saylor continues to offload shares of the company and sold more than 126,000 shares this week, according to SEC filings. Microstrategy remains the largest holder of Bitcoin with 189,150 Bitcoin in its portfolio.
Anticipated Earnings Amid Uncertain Times
Microstrategy is set to report its fourth-quarter earnings after the market close on Feb. 6 and will host a conference call to discuss the results at 5 p.m. ET the same day. According to estimates from Benzinga Pro, the company is expected to report earnings of 55 cents per share and quarterly revenue of $132.9 million.
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Fluctuating Stock Performance
MSTR Price Action: According to Benzinga Pro, Microstrategy shares are up 7.28% at $491.12 at the time of publication.
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