On Oct. 23 we said, “Bitcoin is bouncing back strong. In fact, the cryptocurrency last traded at $30,017, and could test $35,000 next. From here, some firms say BTC could see $200,000 at some point. All in hopes we could soon see a Bitcoin ETF approved by the US SEC.”
Today, Bitcoin is up to $37,215 – and could soon see $40,000. From here, some analysts say we could see $200,000 BTC. Not only would that have a positive impact on BTC prices, but also on companies that depend on BTC movements, including:
ProShares Bitcoin Strategy ETF (BITO). for example.
If you believe the value of BTC will push higher, you can invest in the Pro Shares Bitcoin Strategy ETF (BITO). With an expense ratio of 0.95%, the ETF tracks the performance of spot Bitcoin.
This one mimics the price of Bitcoin as closely as possible without investing in the cryptocurrency itself. As noted by Money, “Like all crypto ETFs, part of the allure of BITO is that investors don’t need to deal with cryptocurrency wallets and private keys but can instead invest through a broker they already use.” When we first brought BITO to your attention, it traded around $16. It’s now up to $18.85 and could rally even more with Bitcoin.
Or, look at MicroStrategy (MSTR).
On Oct. 23, MSTR traded at $348.
At the time, we noted, “After dropping from about $480 to a low of $307, the MSTR stock is starting to pivot higher again. Two, it’s pivoting from over-extensions on RSI, MACD, and Williams’ %R. And three, with Bitcoin showing signs of rebounding, the company just increased its stake in BTC to $4.68 billion, which could boost the MSTR stock even more.”
Today, MSTR is up to $508.42.
There are also mining stocks, like Marathon Digital (MARA).
Around Oct. 23, MARA traded at $8.75. it’s now up to $9.50.
Helping, the company just announced that, “In October, we increased our energized hash rate 1% to 19.2 exahashes as the facility in Garden City, Texas, where we have 4.1 exahashes of miners installed, began to come online,” said Fred Thiel, Marathon’s chairman and CEO. “Once this facility is fully operational later this month, we will have surpassed our 23 exahash target and solidified Marathon as the largest publicly traded Bitcoin miner in North America.”
“By increasing our hash rate and continuing to improve our operations at the facility in McCamey, Texas and elsewhere, we earned 4.0% of the total Bitcoin network’s available miner rewards and produced 1,202 Bitcoin in October. This total includes 18 Bitcoin from our 20% share of the JV in Abu Dhabi. We now have 2.3 exahashes online in Abu Dhabi as our second, larger facility in Masdar City has begun powering up. We continue to expect the full 7.0 exahashes in the UAE to be online by year-end.”
