Markets
3 Crypto Stocks to Watch on Thursday Amid Market Crash
Amid the 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 competitors 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 company. The settlement was carried out at an average price of US$224.13, totaling US$5.17 million. Following the sale, Armstrong now owns 526 shares valued at $111,091.20 Amid CEO liquidation, the Coinbase Stock dropped significantly, with shares closing at $211.20 on Wednesday.
Although the company has a market cap of $51.93 billion and a price-to-earnings ratio of 42.78. However, in Thursday’s pre-market session, COIN shares continued to fall, trading at $209.79, a drop of 0.67%. Recent fluctuations in COIN shares highlight its volatility, making it a stock to monitor closely.
Read too: Robinhood achieves revenue of US$618 million and exceeds market projections
2. Robinhood Markets
Crypto trading platform Robinhood exceeded first-quarter profit estimates due to robust crypto trading volumes and rising net interest income. However, the company received a Wells warning from the SEC regarding tokens traded on its platform, clouding the future of this income stream.
Financial services analyst Lauren Ashcraft noted, “The well warning clouds the future of this income stream.” Despite this setback, Robinhood expressed determination to contest the SEC’s claims. Accordingly, Robinhood CFO Jason Warnick emphasized his careful approach to his crypto business. Despite Robinhood Stock closed lower at $17.85 on Wednesday, rose 4.87% to $18.72 in Thursday’s pre-market session following the robust earnings report.
3. MicroStrategy Stock (MSTR)
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 growth potential for MicroStrategy due to positive feedback regarding its legacy software business.
Furthermore, Vitanza also mentioned two catalysts that could increase 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 greater institutional acceptance of Bitcoin.
The second catalyst is the SEC’s expected rejection of an Ethereum Spot ETF, anticipated by many in the industry. However, the MSTR Stock is experiencing a downtrend recently. After closing at $1,233.12 on Wednesday, MicroStrategy shares fell 1.15% in Thursday’s pre-market session to trade at $1,219.00.
Read too: Ripple XRP News: Judge Torres to reject SEC motion at remedy stage
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