Wolfe's Rob Ginsberg thinks MicroStrategy, a bitcoin proxy, is overbought in the near term.
While "boring" bitcoin has been chopping sideways since March, bitcoin proxy MicroStrategy is trading at its highest level relative to the flagship crypto since 2019. Wolfe Research managing director Rob Ginsberg said he "loves chances to get out and continue climbing," but that the stock is overbought in the near term. He suggested a bitcoin hedge.
mountain Bitcoin and MicroStrategy in 2024 "Lack of enthusiasm for the once high flying asset class is one of the factors that led us to maintain a more defensive, risk off bias of late," he said in a Wednesday note. "Many of the crypto related equities such as MARA , COIN , & RIOT have acted the same. That is beside one… as MSTR rallied back to the highs over the past few weeks." "On a relative basis vs.
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