3 Crypto Stocks To Watch Thursday Amid Market Dip
Amid recent downturn in the cryptocurrency market, three stocks stand out for investors to watch closely: Coinbase Global, Inc. (COIN), Robinhood Markets (HOOD), and MicroStrategy (MSTR). Each company has experienced significant events and fluctuations, making them notable contenders in the crypto stock arena.
3 Crypto Stocks To Watch Thursday
1. Coinbase Global
Coinbase CEO Brian Armstrong made a notable transaction, selling 23,075 shares of the firm’s stock. The selloff was conducted at an average price of $224.13, totaling $5,17 million.. Following the sale, Armstrong now holds 526 shares valued at $111,091.20 Amid the CEO’s sell-off, the Coinbase stock plunged significantly, with shares closing at $211.20 on Wednesday.
Whilst, the company boasts a market cap of $51.93 billion and a price-to-earnings ratio of 42.78. However, in the pre-market session on Thursday, COIN stock continued to decline, trading at $209.79, down 0.67%. The recent fluctuations in COIN stock highlight its volatility, making it a stock to closely monitor.
2. Robinhood Markets:
Crypto trading platform Robinhood exceeded first-quarter profit estimates due to robust crypto trading volumes and increased net interest revenue. However, the company received a Wells notice from the SEC over tokens traded on its platform, clouding the future of this income stream.
Financial services analyst Lauren Ashcraft noted, “The Wells Notice clouds the future of this income stream.” Despite this setback, Robinhood expressed determination to contest the SEC’s claims. Hence, Robinhood CFO Jason Warnick emphasized their careful approach to their crypto business. Although the Robinhood stock closed lower at $17.85 on Wednesday, it surged 4.87% to $18.72 in Thursday’s pre-market session following the robust earnings report.
3. MicroStrategy (MSTR) Stock
MicroStrategy, led by CEO Michael Saylor, reported a net operating loss of $53.1 million for the first quarter of 2024, attributed to a digital asset impairment charge of $191.6 million. However, TD Cowen analyst Lance Vitanza highlighted significant upside potential for MicroStrategy due to positive feedback regarding its legacy software business.
Moreover, Vitanza also mentioned two catalysts that could drive up the price of Bitcoin (BTC), subsequently benefiting MicroStrategy. The first catalyst is the May 15 deadline for institutional investment managers to file form 13-F, which could demonstrate further institutional acceptance of Bitcoin.
The second catalyst is the expected SEC rejection of a Spot Ethereum ETF, anticipated by many in the industry. However, the MSTR stock is experiencing a downtrend lately. After closing at $1,233.12 on Wednesday, MicroStrategy’s stock experienced a 1.15% drop in Thursday’s pre-market session, trading at $1,219.00.
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