Bitcoin ETF Buzz Gives MSTR a Boost

VanEck is making another attempt at getting a bitcoin ETF approved by the SEC

Digital Content Manager
Dec 31, 2020 at 9:04 AM
facebook twitter linkedin


MicroStrategy Incorporated (NASDAQ:MSTR) is making headlines this morning, as VanEck once again attempts to get a bitcoin exchange-traded fund (ETF) approved by the U.S. Securities and Exchange Commission. VanEck's last attempt was in September 2019. This push for a bitcoin ETF comes amid a big shakeup for the SEC, with Chairman Jay Clayton retiring last week, and investment management chief Dalia Blass -- a critic of the cryptocurrency -- leaving next month. MicroStrategy, which has been considered a synthetic bitcoin ETF after investing over $1 billion in the currency, is getting a boost on the news -- up 1.2% at $394.50 at last check. 

Today's pop has the software concern pacing for a fresh all-time closing high, marking the equity's third this week. In fact, for the past couple weeks MSTR has been in rally mode --thanks to support at the 20-day moving average -- quickly closing an early December bear gap to finish the year with an over 173% lead for 2020. 

Despite the recent run up the charts, short sellers have been circling MicroStrategy stock in droves. Short interest shot up 264.3% during the last two reporting periods, and now the 1.03 million shares sold short make up a solid 14.2% of the stock's available float, or a little under three days of  pent-up buying power. Should MSTR continue its climb higher, an unwinding of some of this pessimism could create even more tailwinds for the equity. 

 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 


 


 
Special Offers from Schaeffer's Trading Partners