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Bitcoin ETF listed, cryptocurrency concept stocks plummet, MicroStrategy founder still exclaims: This is Bitcoin's IPO

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Bitcoin ETF listed, cryptocurrency concept stocks plummet, MicroStrategy founder still exclaims: This is Bitcoin

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Coinbase, MicroStrategy Stock Prices Plummet

Bitcoin welcomed the listing of spot ETF trading on the evening of January 11. However, stocks related to cryptocurrencies such as Coinbase COIN, MicroStrategy MSTR, and mining company Marathon Digital MARA all experienced significant drops on January 11, with daily declines as follows:

  • COIN: -11.08%

  • MSTR: -11.3%

  • MARA: -21.29%

Does this mean that specific users or institutions no longer need to rely on cryptocurrency-related stocks to indirectly access the volatility of the cryptocurrency market?

Furthermore, the launch of spot ETFs means that American users suddenly have many new options to access Bitcoin. The high trading fees of Coinbase have also been magnified as a flaw.

Multiple Bitcoin ETFs have lower fees than Coinbase, spokesperson: No plans to lower trading fees

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MicroStrategy Founder: This is Bitcoin's IPO

MicroStrategy's stock price reached a high of $727 on January 2, the highest point so far in 2023. Additionally, it was reported that MicroStrategy founder Michael Saylor planned to sell 5,000 shares of stock daily from January 2 to April 25 to buy Bitcoin.

However, it is uncertain whether this is the main reason for the decline, as both COIN and MARA reached their annual highs between December 27 and January 2 and then declined.

MicroStrategy founder Michael Saylor launches daily stock selling plan to buy Bitcoin

Michael Saylor recently expressed his excitement about the launch of the Bitcoin spot ETF. He retweeted an interview by analyst Tom Lee on Twitter, where Tom Lee believes that Bitcoin will rise to $500,000 in the next 5 years.

Saylor even likened the Bitcoin spot ETF to an IPO.