Gina Sanchez, Lido Advisors, joins 'Power Lunch' to discuss stock plays for three stocks.
MicroStrategy (MSTR) began trading on the Nasdaq-100 as Bitcoin (/BTC) prices continued its recent downward trend. The company shared it added over 5k Bitcoin last week, taking its total count over 444k total coins.
It was announced on Dec. 13 that Bitcoin (CRYPTO:BTC) hoarder MicroStrategy (NASDAQ:MSTR) would be added to the Nasdaq 100 stock index on Dec.
On the same day, two prominent companies have gained recognition for their market performance and strategic initiatives. MicroStrategy, the business intelligence firm known for its substantial Bitcoin holdings, has entered the prestigious Nasdaq 100 index.
MicroStrategy's stock falls after the sale of $561 million worth of shares was used to buy bitcoin at more than $106,000 each.
The reconstituted Nasdaq-100 index, featuring the additions of MicroStrategy, Palantir, and Axon Enterprise, begins trading today.
MicroStrategy was already one of the hottest stocks on the planet, but the rally intensified after Donald Trump's election victory in November. Of the 439,000 bitcoin the company owns, more than one-third have been purchased since the election.
U.S. stock futures advanced on Monday following a tumultuous week which included the Federal Reserve's hawkish rate cut on Wednesday and a “Triple Witching” hour session on Friday. Two out of the four major index futures were trading higher in premarket trade.
MicroStrategy (MSTR) was an obscure software company until it started making a massive bet on bitcoin (BTCUSD).
The rally has been propelled by a group of rabid followers who are mixing songs, pouring whisky and spending hundreds of hours researching the stock.
After a massive rally over the past quarter, shares of MicroStrategy Inc. NASDAQ: MSTR started to face some controversy regarding the underlying business model and methods of this technology stock accumulating Bitcoin on their balance sheet through shareholder dilution. However, that pressure quickly subsided after a recent announcement that could boost the company higher.
Shares of MicroStrategy (MSTR -6.63%) fell as much as 20.8% in the first four trading days this week as the price of Bitcoin dropped and the company's premium to assets on the balance sheet came down. On Friday morning, shares were still down 22.5% for the week in pre-market trading, according to data provided by S&P Global Market Intelligence.