Shares of cryptocurrency-focused companies like Coinbase and MicroStrategy jumped Thursday morning ahead of the first trading session of the new year as Bitcoin also rose.

MicroStrategy stock was down 7.2% to $306.24 in late morning trading. Shares of MicroStrategy, the world’s largest corporate holder of Bitcoin, are closely linked to the price of the currency. The price of Bitcoin is down about 2% in the past week,

Shares of MicroStrategy now sit firmly on their $300 price tag, which should also be considered significant as a round number. A break below $300 will increase selling pressure on the stock, targeting a retracement to $250, an 18% decline.

MicroStrategy bought about $209 million of bitcoin in the past week, making it eight weeks in a row that the company has acquired more of the digital currency.

Crypto jumps as Bitcoin hits $96,711. Solana leads with 7% gains. Investors anticipate favorable regulations under Trump, boosting market confidence.

Bitcoin-buying machine MicroStrategy (NASDAQ:MSTR) is having a tough end to the year. After rallying 464% through the middle of November, the stock has lost 44% of its value. However, MSTR shares are still up nearly fivefold in 2024.

Shares of MicroStrategy Inc. (MSTR) rose in morning trade on Thursday after Bitcoin (BTC) prices surged above the $97,000 mark. MicroStrategy, also known as Bitcoin proxy due to its extensive investments in the cryptocurrency,

Traders are stepping back from MicroStrategy (MSTR), the Nasdaq-listed company known for its leveraged exposure to Bitcoin (BTC). The shift in market sentiment marks a stark contrast to the once highly bullish outlook surrounding the stock.