Stock of Bitcoins Biggest Public Holder is Overvalued by 26%, Analyst Who Predicted BTC Rally Says CoinDesk
News Source : CoinDesk
News Summary
- Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin..
- The conclusion is based on the firm's regression model, studying the relationship between the dependent variable, MSTR, and the independent variable, BTC's spot price..
- "As the regression model shows, MicroStrategy is +26% overvalued and has a 20% downside based on the current Bitcoin prices..
- In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange..
- It is time to take profit," 10x said.Shares in bitcoin-holder MSTR have more than quadrupled this year, reaching a 25-month high of $673 on Wednesday to become one of the best-performing crypto-related stocks of 2023..
- The Nasdaq-listed firm holds 189,150 BTC as of writing, having begun accumulating the cryptocurrency as a reserve asset three years ago..
Investors wondering whats next for shares in business intelligence firm MicroStrategy following this years 343% surge may want to look at what 10x Research, led by Markus Thielen, who predicted thi [+2126 chars]