Bitcoin ETFs Are Pulling in Billions—But Crypto Stocks Are Taking a Beating

Popular stocks that give investors Bitcoin The leading cryptocurrency's exposure continued to slide as prices fell following the much-anticipated launch of spot crypto exchange-traded funds (ETFs) in the United States.

Shares of public companies that hold bitcoin, such as MicroStrategy, Tesla and Coinbase, have fallen sharply in the past month.

Such stocks allow investors to have skin in the crypto game—without actually buying the digital assets themselves. But since Bitcoin, the largest and oldest digital coin, has He took a beating This month, there are so crypto shares.

MicroStrategy (NASDAQ: MSTR) today has the largest public holdings of BTC with 189,150 coins, $7.5 billion, down 25% last month, trading at $450.99 a share.

Meanwhile, electric car company Tesla's stock (NASDAQ: TSLA ) is down more than 19%, and its price is $207.83. Elon Musk's tech company has over $386 million in BTC.

And America's largest crypto exchange, Coinbase (NASDAQ: Coin), which It was officially released In the year In 2021, it has decreased even more – by 29% last month. COIN is trading at $121.34 per share today.

Many stocks-Especially mineral deposits-Typically, interest in the digital asset space is as good or even better than the crypto industry.

And with Bitcoin prices hurt so far in 2024, the biggest Bitcoin-related stocks aren't doing well. Canadian bitcoin miner HUT, which trades on the Toronto Stock Exchange as HUT, is down more than 64 percent for the month.

And American miner Riot Platform (NASDAQ: RIOT ) is down more than 41%, with a share price of just over $10. Miners are two of the largest publicly traded Bitcoin holders.

The price of Bitcoin has fallen so far this year – by launch Many Bitcoin ETFs. Analysts are divided on whether the long-awaited launch of investment vehicles that allow investors to buy stocks that track cryptocurrency prices will lead to a bull run.

But while it may be too early to say whether the flood of capital will drive up BTC's price, the asset is currently suffering. And crypto stocks will continue to be dragged down because of this.

Edited by Andrew Hayward.