This Bitcoin News May Spell Trouble for MicroStrategy in 2024. Here's Why
Huge news rocked the cryptocurrency sector last week. After many years of waiting, the Securities and Exchange Commission (SEC) approved investment companies to start listing Bitcoin ETFs that people can buy or sell to get exposure to the world's largest cryptocurrency. Now, there are numerous ETFs that anyone reading this can buy and sell, such as the iShares Bitcoin Trust ETF.
While new ETFs will make it easier -- for better or worse -- for people to get exposure to Bitcoin, this could spell trouble for certain companies in the crypto space. One is Coinbase, which earns large trading fees when people buy or sell crypto on its platform. Another is (NASDAQ: MSTR), a software company that has pivoted in recent years to bet big on the future of Bitcoin. Here's why these new ETFs may have just ruined MicroStrategy's Bitcoin pivot, and why it may spell trouble for the stock in 2024.
MicroStrategy came of age during the dot-com bubble. It sells business intelligence software, although it hasn't seen much success in recent years. Despite the huge boom in software-as-a-service (SaaS) companies over the past decade, MicroStrategy's software segment has struggled. Revenue has stagnated for years, and in fact, it's actually down compared to 10 years ago.
Source Fool.com
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