Strategy, BitMine, Coinbase Shares Chart Major Rebound as Bitcoin Stabilizes
Bitcoin and crypto-related stocks rebounded Friday after a steep drop in BTC’s price on Thursday. MicroStrategy (MSTR) gained 22% despite being underwater on its large Bitcoin holdings, following a 14% BTC price plunge and reporting a $12.4 billion Q4 loss. Bitcoin stabilized around $69,500 after hitting a low of $60,225, but remains 16% down week-on-week. Analysts from Canacord Genuity and BTIG slashed their price targets for MSTR while keeping buy ratings. BitMine Immersion Technologies, with 4.29 million ETH (worth $8.7 billion) in treasury and $7.5 billion in unrealized losses, saw its shares rise 15%. The company has staked $6.7 billion of its ETH and expects to generate over $1 million daily in staking rewards when fully staked. Coinbase rose 10% to $161, benefiting from increased trading volumes during market volatility. Other crypto stocks also surged, with Bitcoin miners MARA Holdings and CleanSpark up over 19% and Galaxy Digital rebounding more than 17% after earlier losses.
