MicroStrategy Incorporated MSTR and Coinbase Global Inc COIN are trading lower by 4.64% to $276.26 and 5.37% to $70.01 respectively Friday afternoon. Shares of crypto-related stocks are trading lower Friday despite recent strength in Bitcoin prices.
What Happened?
Crypto-related stocks have been volatile amid a rebound in crypto but fell this week following news of Tesla Inc's TSLA Bitcoin sale.
Bitcoin is trading 10.8% higher at around $23,010 over the past week.
Ethereum is trading 28.4% higher at around $1,560 over the past week.
Bitcoin and Ethereum are also trading near 1-month highs Friday afternoon.
Why it Matters
When Tesla announced second-quarter earnings after the market close Wednesday, the electric automaker revealed it has sold off 75% of its Bitcoin position.
The company netted $963 million from the sale of its Bitcoin after citing an impairment loss of $101 million on its Bitcoin position in 2021... Read More
MicroStrategy is a provider of enterprise analytics and mobility software.
Coinbase Global provides financial infrastructure and technology for the crypto-economy in the United States and internationally.
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