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Coinbase and Microstrategy stock prices hit two-year high

By:
on Nov 25, 2023
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  • Coinbase stock on Friday closed at an 18-month high.
  • MicroStrategy shares also rose significantly to hit a high not seen since December 2021.
  • The two stocks are surging after a renewed surge by the general cryptocurrency market.

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Coinbase Global Inc (NASDAQ: COIN) and MicroStrategy Inc (NASDAQ: MSTR) have seen their stock prices soar to highs only witnessed more than 18 months ago.

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Coinbase’s COIN, on Friday, closed at a high of $115.54 USD while MicroStrategy’s MSTR closed at $520.24. These surges highlight the resilience of cryptocurrency-related stocks and the strategic vision of these key players, Coinbase and MicroStrategy, in navigating the dynamic landscape of digital assets.

Coinbase stock surges to an 18-month high

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In a remarkable turn of events in the ever-evolving landscape of cryptocurrencies, Coinbase Global Inc (NASDAQ: COIN) stock witnessed a surge in its price, hitting an 18-month high.

COIN closed at $115.54 on Friday, showcasing an impressive rise of nearly 6% within the past day. The surge briefly touched $117 per share, marking a noteworthy ascent. Over the last month, Coinbase’s stock has experienced an outstanding climb, surging over 41% from its position at $82 per share, reaching levels not seen since the tumultuous events of May 2022.

The resurgence of COIN is particularly noteworthy for a company that has been publicly traded on the Nasdaq since 2021. The last time COIN reached this price level was in May 2022, just before the collapse of Terra, a crypto ecosystem that profoundly impacted the digital asset landscape.

MicroStrategy stock hits a two-year high on black Friday

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Simultaneously, MicroStrategy Inc (NASDAQ: MSTR), known for its bullish stance on Bitcoin, experienced a significant surge in its stock price, reaching a high not seen since December 2021. On Black Friday, MSTR shares closed comfortably above $520, marking a substantial increase and propelling the company’s market cap to an impressive $7.33 billion.

At the core of MicroStrategy’s success is its unwavering commitment to Bitcoin as a key asset. Despite facing financial challenges, MicroStrategy’s stock doubled within just a month, reflecting the company’s strategic vision initiated by founder and chairman Michael Saylor in August 2020. Considering the unprecedented dynamics of the cryptocurrency market, Saylor’s decision to view Bitcoin as a strategic hedge against inflation proved to be prescient.

MicroStrategy’s recent quarterly report disclosed a net loss of $143.4 million, representing a substantial increase from the previous year. However, the company maintained its commitment to Bitcoin, acquiring an additional 6,067 for $167 million during this period. With approximately 0.75% of Bitcoin’s total circulating supply, MicroStrategy solidifies its position as a major influencer in the evolving landscape of cryptocurrency investments.

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