MSTR Explained (Reverse Repo Of Bitcoin) 30k+ Target
A lot of people are critizing MSTR & Michael Saylor for his Bitcoin activity and it needs to be cleared up on how serious this is for MSTR.
If Bitcoin continues on its trajectory, MSTR will be in the top 10 companies by market cap in the SP500.
1. Spot ETF's cannot be added to SP500 Index funds.
2. Spot ETF's cannot be levered on the base price.
3. MSTR shortly will be in the SP500 index funds meaning global allocation to the standard funds will be buying up MSTR shares that MSTR in return will be using to buy Bitcoin and apply low corporate leverage debt.
SP500 Index Fund > MSTR > Debt/Bitcoin > Bitcoin scarcity increased > Spot ETF rises, increasing the MSTR total value.
Large funds can park money with MSTR that MSTR then uses extremely low corporate leverage to accumulate more Bitcoin per capital invested that they then hold and adjust shares accordingly / buy back shares.
At the end of this bull market Michael Saylor can also make a decision to get debt against a portion of his Bitcoin in the company balance sheet and use his operating income / to fund and secure the debt.
Spot ETF's are extremely important including Futures.
MSTR? also very important in what he is doing.
MSTR is not a Spot ETF it's a company with a structure to generate returns like Berkshire Hathaway, there is risk involved but Saylor has taken a route that gives MSTR a strong resilience to bear markets and stronger upside to bull markets. This might have not worked if there was too much Bitcoin supply to purchase meaning Spot ETF's out weigh MSTR.
But MSTR has more than enough for what it needs to become one of the largest investment company in the world.
MSTR on this trajectory is worth north of $20,000 per share.
MSTR
MSTR has more rocket fuel LONGMSTR recently bought up a lot more coins. News that an insider sold $7 M in shares while
interesting is quite meaningless. He still has $150M plus. MSTR is riding a " Bollinger Band
march" on the upper band. This is a huge surge. I was happy to catch a buy today at $1575
off a low-ball limit order that somehow got filled. All things crypto has a great day. It was
a Magic Monday for sure. I will sell some on Thursday mid-day and buy more next Monday.
I know all the contrary ideas- Reckless abandonment. Poor risk management. The answer
my initial capital into MSTR has been long returned to the account ( then spent getting
larger in semiconductors); this is all profit being compounded. If there is some risk it is
all accepted. the entire position has a trailing stop loss of !0% - no problem seen. Risk on.
BTBT RIOT are running in the shadows and the positions are not half bad. BTUSD and ETHUSD
on forex with 100:1 leverage are carrying their own weight.
RIOT retraced and could reverse but BTC is falling SHORTOn the 15-minute chart- RIOT uptrended and then retraced. It is now supported by the
standard Fibonacci retracement zone and UNDER the intermediate term mean anchored VWAP.
On the RSI indicator, the signals are UNDER the 50 level another suggestion of direction
being forecasted. In the meanwhile BTCUSD is trending down. while RIOT is not trading. I will
watch RIOT after the open on Monday fully expecting it will fall into the lower VWAP bands but
there could be a surprise if BTCUSD reverses over the weekend.
Is Bitcoin ready for the next leg up?Bitcoin is fighting the short term trend.
its lost the 7 day moving average over the last few sessions. Bulls retraced and tried getting above.
The have not been successful at confirming above the key trend.
A 4 hour Head & Shoulders pattern has triggered but on watch for a potential bullish reversal.
MicroStrategy Owns About 1% of Bitcoin’s Total SupplyMicroStrategy ( NASDAQ:MSTR ), under the leadership of CEO Michael Saylor, has made waves yet again in the cryptocurrency market with its latest strategic move. The company has solidified its position as a major player in the Bitcoin space by acquiring an additional 9,245 Bitcoins, bringing its total holdings to a staggering 214,246 Bitcoins. With this acquisition, MicroStrategy ( NASDAQ:MSTR ) now possesses over 1% of the entire Bitcoin market supply.
The decision to invest heavily in Bitcoin is a testament to MicroStrategy's ( NASDAQ:MSTR ) unwavering confidence in the long-term value and potential of the leading cryptocurrency. Despite recent market fluctuations, MicroStrategy has continued to double down on its Bitcoin holdings, demonstrating its commitment to diversifying its assets and hedging against fiat currency depreciation.
The funding for this significant purchase was secured through a combination of sources, including a substantial convertible debt offering totaling $592.3 million and allocation from surplus cash reserves. This bold move underscores MicroStrategy's proactive approach to capital allocation and its willingness to leverage debt to capitalize on strategic investment opportunities.
However, the announcement of MicroStrategy's latest Bitcoin acquisition was met with mixed reactions from investors. Despite the company's bullish outlook on Bitcoin, MicroStrategy's stock experienced a 13% decline following the news, coinciding with a downturn in Bitcoin's price. This reaction highlights the inherent volatility and risk associated with cryptocurrency investments, despite their potential for substantial returns.
Looking ahead, MicroStrategy ( NASDAQ:MSTR ) has outlined its plan to repay its borrowed funds in a unique manner, offering investors the option to swap cash loans for MicroStrategy shares. This innovative approach to debt repayment reflects MicroStrategy's commitment to shareholder value and its confidence in the company's long-term growth prospects.
As MicroStrategy ( NASDAQ:MSTR ) continues to navigate the evolving cryptocurrency landscape, its bold Bitcoin investments serve as a testament to its visionary leadership and strategic foresight. With its substantial Bitcoin holdings and innovative approach to capital management, MicroStrategy is poised to remain a dominant force in the digital asset space for years to come.
By seizing opportunities in the volatile yet promising world of cryptocurrencies, MicroStrategy is setting a precedent for corporate adoption of digital assets and paving the way for a new era of financial innovation and opportunity.
Bubble theory 🫧 BTC minersThere are two type of bubbles and they burst for different reasons? A bubble is when too many people hold something and what has driven prices up, now as a force works against them.
There's a saying. Buy things when everyone is a skeptic. Sell when a taxi driver starts talking about investing. There are no more buyers left on top.
First bubble is when volume dries up as the price hits extremes.
Second is when peoples attitudes or sentiment, or opinions change to bearish. And that can happen over night, like a switch. It's interesting and finance is a social science.
Some bubbles can burst due to external events, like start of wars or some financial crisis.
There can be strong bull markets and most of times, these external events would just be noise?
> Was btc miners in bubble? And what type of bubble?
I think Yes and No? Whenever there's a risk free trade, supported by factors a bubble emerges? The price of Mara was rallying hard, trend was strong. You could argue people got over optimistic, knowing the ETF decision was a risk event. -> therefor (the burst) was sentiment driven. But also predictable?
Bubble is when too many people hold asset and there re no buyers left. Similar how a taxi driver is hype about investing.
Technical analysis gives you perspective and context. In 1st instance, impulse was too high and volume indicates crowding? It's tricky because it looks so bullish.
In 2nd instance, impulse was too low. Price action looked bullish? bubbles happen when too many people hold the shares and expect them to rise.
If 1st instance was sentiment switch driven, then 2nd time, the bubble must burst due to exhaustion (or no people left to buy... at these prices.. similar how taxi driver hops in the trade at the wrong time).
Factors and thesis can be bullish - and bubble still bursts.
Is NVDA and SMCI a bubble?
I think there is difference between NVDA, SMCI investors and their time horizon? It could be. I think people believe their investment is supported by the tech drivers. Every dip should be bought out by smart investors and these are the best assets to own in next 5-10 years.
It doesnt mean there cant be external events and risks.
again- bubble is when too many people are in investment. So bubble can burst either by them changing their sentiment or beliefs (maybe fundamentals must change?). Or if price is just so ridiculously high or there is no money left at sidelines, that trend can't be sustainable.
When markets rally - everyone only reads good news and ignores bad news. And vice versa. #HowardMarks #MarketCycle
---> The Risk-Reward buying at these tops just isn't great. That's why they burst. Accompanied by sentiment risks, that hide behind the hood.
MicroStrategy's $800 Mil Notes Offering Fuels BTC AcquisitionMicroStrategy Incorporated (NASDAQ: NASDAQ:MSTR ) has once again made waves in the financial world with its recent completion of an $800 million offering of 0.625% convertible senior notes due 2030. The move, which saw significant interest from qualified institutional buyers, marks a strategic play by the company to bolster its Bitcoin acquisition strategy and further solidify its position as a pioneer in the cryptocurrency space.
The offering, completed on March 8, 2024, garnered widespread attention as MicroStrategy ( NASDAQ:MSTR ) signaled its commitment to expanding its Bitcoin holdings. The notes, which are unsecured senior obligations of the company, offer investors an opportunity to participate in MicroStrategy's ( NASDAQ:MSTR ) ambitious vision of utilizing Bitcoin as its primary treasury reserve asset.
With a nominal interest rate of 0.625% per annum, payable semi-annually, and a maturity date set for March 15, 2030, the notes provide investors with a unique avenue to engage with MicroStrategy's ( NASDAQ:MSTR ) long-term growth trajectory. Additionally, the convertible nature of the notes allows holders the flexibility to convert them into cash, shares of MicroStrategy's class A common stock, or a combination of both, at the company's discretion.
What sets this offering apart is MicroStrategy's ( NASDAQ:MSTR ) explicit intention to utilize the net proceeds from the sale of the notes to acquire additional Bitcoin. This strategic maneuver underscores MicroStrategy's unwavering confidence in Bitcoin as a store of value and highlights its proactive approach to capitalizing on the burgeoning cryptocurrency market.
MicroStrategy's CEO, Michael Saylor, has been vocal about the company's Bitcoin-centric strategy, viewing the cryptocurrency as a hedge against inflation and a long-term store of wealth. By leveraging its operating structure and cashflows, MicroStrategy ( NASDAQ:MSTR ) has amassed a substantial Bitcoin reserve, positioning itself as a trailblazer in corporate Bitcoin adoption.
The timing of the notes offering coincides with MicroStrategy's ( NASDAQ:MSTR ) ongoing efforts to enhance its position in the cryptocurrency market amidst increasing competition and regulatory scrutiny. With the conversion rate set at a premium over the current market price of MicroStrategy's class A common stock, investors stand to benefit from potential upside opportunities as the company's Bitcoin holdings appreciate in value.
However, the move is not without its risks. The volatile nature of the cryptocurrency market coupled with regulatory uncertainties presents inherent challenges for MicroStrategy ( NASDAQ:MSTR ). Moreover, the company's heavy reliance on Bitcoin as its primary treasury reserve asset exposes it to fluctuations in the cryptocurrency's price, which could impact its financial stability in the long run.
Nevertheless, MicroStrategy (MSTR) remains undeterred in its pursuit of pioneering Bitcoin adoption among corporations and institutional investors. Through its strategic initiatives and relentless focus on technology innovation, MicroStrategy ( NASDAQ:MSTR ) aims to redefine the traditional financial landscape and usher in a new era of digital asset management.
Technical Analysis
NASDAQ:MSTR is trading above its 200-day Moving Average. With a Relative Strength Index (RSI) of 74, NASDAQ:MSTR has seen an increase of 9.66% in Premarket Trading on Monday morning.
As MicroStrategy ( NASDAQ:MSTR ) continues to chart new territory in the cryptocurrency space, its $800 million notes offering serves as a testament to its unwavering commitment to Bitcoin and its vision of Intelligence Everywhere.
In a world where digital assets are reshaping the future of finance, MicroStrategy ( NASDAQ:MSTR ) stands at the forefront of innovation, poised to shape the course of history with its bold and visionary approach.
Bitcoin knocking on 50K - inside candles and maybe resistanceBItcoin is still a long but could be getting some resistance in the push over $50 K USD. It pulled
back into a dip for the NY morning open and got the volume push. Got more on the options.
Crypto stoeck still airborne including CLSK. BITF, BETS, HUT, MSTR and RIOT. Watching my
positions closely as BTCUSD could roll over here.
MSTR slammed earnings beyond the parking lot LONGMSTR while Bitcoin and the whole ETF thing has caused crypto momentum had a good
4QTR23 and 8Xed the analyst's earnings estimates two days ago. The momentum is expanding
as market volume is accelerating. Late afternoon the zero lag MACD showed some recyling as
some early traders took cash off the table. To emphasize however, there is no sign of bearish
divergence on the RSI. This has gained 25% in 3 days. Anyone into the prices needed to acquire
options contracts could consider looking for an option using their own typical selection criteria.
There are others who as price is overextended and it will fade. They say the same thing about
NVDA. For me, I will take a trade here even if the continuation is short lived. At the end of
the day, Bitcoin could go to MIL:1M per each as some of those with crystal balls forecast.
See also small cap miners BTBT BTCS Cleanspark HUT and some middle caps in RIOT and
MARA. It's a buyers' market right now but only if you do not chase. Look on a low time frame
for an oversold undervalued intraday moment and take your trade !
MSTR oversold for a long tradeMSTR is now oversold but has a great earnings beat and the cryptomarkets surging to support
a bullish idea. The 15 minteu chart shows price sitting on support of the POC line of the
immediate volume profile. With confluence, it is above a fully horizontal lower VWAP line
that has no slope. Support and resistance horizontal zones are drawn in for reference purposes.
I will close my short position of the past day and switch sides here. The RSI indicator gives
reassurance as it has pivoted up from the bottom, especially the faster green line. Selling
volatility declared the bottom in the immediate term at the same time the relative volume
indicator printed a selling volume spiking black bar both immediately before the regular
market closed.
BLOK: Blockchain ETF Set up for Ultimate Bearish DeclineThe BLOK ETF in a Type 2 HOP Return of the Local Bearish Crab has rammed into the PCZ of a Bearish 5-0 with RSI Bearish Divergence and now seems to be prepared to go for a lower low which would align with Bearish reversals in MSTR, COIN and other similar stocks such as CLSK and MARA.
MicroStrategy Announces Proposed Private Offering of $600 MilMicroStrategy® Incorporated (NASDAQ: NASDAQ:MSTR ) has announced its intention to offer $600 million aggregate principal amount of convertible senior notes due 2030 in a private offering. This strategic move underscores MicroStrategy's ( NASDAQ:MSTR ) commitment to expanding its Bitcoin holdings and pursuing innovative technology initiatives.
Empowering Bitcoin Acquisition:
MicroStrategy's ( NASDAQ:MSTR ) proposed private offering of convertible senior notes reflects its steadfast focus on accumulating additional Bitcoin holdings. The net proceeds from the sale of the notes will be utilized to acquire more Bitcoin, further solidifying MicroStrategy's ( NASDAQ:MSTR ) position as a prominent player in the cryptocurrency space. By leveraging its financial resources, MicroStrategy ( NASDAQ:MSTR ) aims to bolster its Bitcoin treasury reserve asset, aligning with its vision of becoming a leading Bitcoin development company.
Strategic Investment and Corporate Growth:
In addition to fueling Bitcoin acquisition, the proceeds from the notes offering will support MicroStrategy's ( NASDAQ:MSTR ) general corporate purposes. This includes funding technology innovation initiatives, advocacy efforts, and the development of AI-powered enterprise analytics software. MicroStrategy's ( NASDAQ:MSTR ) multi-faceted approach encompasses both its core focus on Bitcoin accumulation and its commitment to advancing technology innovation, positioning the company for sustained growth and value creation.
Navigating Regulatory Landscape and Market Dynamics:
MicroStrategy's ( NASDAQ:MSTR ) decision to pursue a private offering of convertible senior notes underscores its agility in navigating evolving regulatory landscapes and market dynamics. As the cryptocurrency industry continues to evolve, MicroStrategy ( NASDAQ:MSTR ) remains proactive in its strategic initiatives, leveraging its operational structure and financial flexibility to capitalize on emerging opportunities and mitigate potential risks.
Conclusion:
MicroStrategy's ( NASDAQ:MSTR ) proposed offering of $600 million convertible senior notes represents a strategic milestone in the company's journey towards enhancing its Bitcoin holdings and advancing its technology innovation agenda. With a steadfast commitment to Bitcoin accumulation, coupled with its expertise in enterprise analytics software, MicroStrategy ( NASDAQ:MSTR ) is well-positioned to drive value creation and innovation in the cryptocurrency ecosystem.
$MSTR Momentum IndicatorNASDAQ:MSTR Momentum Indicator had a buy signal on 2/8/24 A momentum indicator is a technical analysis tool used to measure the rate at which the price of a security is changing. It compares the current price of an asset to its historical prices over a specific period to determine the strength or weakness of the trend. Momentum indicators are typically represented as oscillators or line charts, with values fluctuating above and below a central line or between predefined levels. Traders use momentum indicators to identify potential trend reversals, confirm the strength of an existing trend, or generate buy and sell signals. Popular momentum indicators include the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Stochastic Oscillator.
MSTR on Path to be in the top 20. Ranked 473.
Congratulations on MSTR and Michael Saylor pushing MSTR into the top 500 US companies.
This is a major event for Bitcoin as this puts MSTR in S&P 500 indexes meaning global capital will automatically allocate to MSTR that will then use funds to purchase more Bitcoin pushing the MSTR price up. Using corporate debt and smart leverage.
MSTR & Spot ETF's will be the main factors to how Bitcoin makes it's way to $1,000,000
Bitcoin will be over a 10 Trillion market cap and the MSTR price will trade over $25,000.
Full transparency I have rotated my miners into MSTR & BITO calls. For now nothing is going to beat the MSTR & BITO Gamma offered till the end of the cycle. Miners will be a great pickup during the bear market.
MSTR is now the Berkshire Hathaway of Bitcoin.
MICROSTRATEGY Top of the Channel. Time for a shortterm pullback?MicroStrategy Inc. (MSTR) has been trading inside a logarithmic Channel Up on the 1D time-frame since the December 30 2022 bottom. The price is currently at the very top (Higher Highs trend-line) of the pattern and that is a technical bearish signal on its own.
It gets increasingly relevant though if we consider the 1D RSI which is overbought and at its highest level since November 13 2023 and more importantly, the remarkable symmetry among the phases of the Channel Up.
As you ca see the price action from the October 04 2023 Higher Low until today is very similar with the price action from the December 30 2022 bottom until (so far) the April 14 2023 High. Both started on a +136.17% rise then -40% correction and a Channel Up rebound for a new Higher High. The symmetry is evident among the 1D RSI sequences as well.
If this continues to hold, we should be expecting a -22.88% pull-back followed by a +77.48% rally that will break above the long-term Channel Up, which would inevitably do at some point since the stock price is so positively correlated to Bitcoin's price.
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Bitcoin approaching $60,000. Getting closer to All-Time High!Bitcoin (BTC) Is getting closer to $60,000 and may eventually break the All-time High. There are a few ways to capitalize on BTC moves.
1. Direct purchase of crypto from crypto exchange like Coinbase
2. Invest in stocks associated with BTC. Examples include NASDAQ:MARA , AMEX:GBTC , NASDAQ:COIN , NASDAQ:RIOT , NASDAQ:MSTR
3. Invest in LEAPS options on the same stocks (powerful strategy)
4. Invest in ETFs associated with BTC. Examples include $ARKN, NASDAQ:IBIT , AMEX:HODL , AMEX:FBTC , AMEX:BITB
5. Invest in Bitcoin futures
Expect all of these to move up as BTC approaches $60,000
BTC Price Blasts To $57,100 The price of Bitcoin didn't hesitate to surge comfortably to $57,200 as of writing—reaching heady altitude despite more than $157 million in Bitcoin shorts being liquidated over the last 24 hours, according to CoinGlass.
The milestone comes only hours after BTC surged over $53,000, already seeing heights not seen since 2021.
Investors who took a short position on Bitcoin—betting that its price would go down from when the option to buy was secured—are liquidated when the price rises instead, triggering automated actions by exchanges to prevent further losses.
BTC has logged, then, an intra-day increase of about 10%—a return that would look great as an annual return for conventional investment vehicles. And the green candles are being driven by tradfi hunger for Bitcoin spot ETFs, which also saw record inflows today.
Top institutional Bitcoin holder MicroStrategy had just grown its Bitcoin holdings to 193,000 BTC. That stash was worth $10.28 billion when founder Michael Saylor tweeted about the acquisition of 3,000 Bitcoin this morning. It's now valued at $10.9 billion, a $620 million single-day bump.
The firm has paid an average of $51,813 per Bitcoin, Saylor notes.
It was October 2021 when crypto watchers were similarly breathless, watching Bitcoin rise above $57,000—again, as that figure represented its all-time high at the start of that year—as it continued a two-week rally. It eventually $69,000 in November.
Michael Saylor’s MicroStrategy Buys $155 Million In BitcoinMichael Saylor, the visionary executive chairman of MicroStrategy ( NASDAQ:MSTR ), has once again propelled the company into the cryptocurrency spotlight. With a bold purchase of $155 million worth of Bitcoin, MicroStrategy ( NASDAQ:MSTR ) continues to cement its position as a frontrunner in the realm of digital assets.
Expanding Bitcoin Holdings:
MicroStrategy's ( NASDAQ:MSTR ) latest acquisition of nearly 3,000 Bitcoins brings their total BTC holdings to an impressive 193,000. Executed at an average price of approximately $51,813 between February 15 and February 25, 2024, this move underscores Saylor's conviction in Bitcoin's long-term value proposition.
Strategic Financial Maneuvers:
The funding for this substantial Bitcoin purchase originated from proceeds generated through the issuance and sale of shares, demonstrating MicroStrategy's adeptness in navigating the evolving financial landscape. Saylor's calculated decision-making stands in stark contrast to concerns surrounding potential negative impacts of Bitcoin ETFs on NASDAQ:MSTR , highlighting MicroStrategy's unique position as an operating company with a distinct strategic vision.
Robust Asset Management and Security:
MicroStrategy ( NASDAQ:MSTR ) remains steadfast in its commitment to safeguarding its digital assets, entrusting 98% of its Bitcoin holdings to Fidelity Custody while diversifying its asset management and security through Coinbase Prime. This multi-faceted approach underscores MicroStrategy's dedication to maintaining the integrity and security of its cryptocurrency investments.
Market Performance and Outlook:
In tandem with MicroStrategy's ( NASDAQ:MSTR ) bold Bitcoin acquisitions, NASDAQ:MSTR stock (NASDAQ: MSTR) has experienced significant gains, surging by 6.77% trading at $733. With the prospect of surpassing the $700 mark once again, MicroStrategy's ( NASDAQ:MSTR ) strategic alignment with Bitcoin's upward trajectory continues to fuel investor optimism.
Reflecting on Success:
The meteoric rise of both MicroStrategy ( NASDAQ:MSTR ) stock and Bitcoin price underscores the symbiotic relationship between traditional finance and the burgeoning cryptocurrency ecosystem. As NASDAQ:MSTR stock continues its ascent, propelled by Bitcoin's meteoric rise, MicroStrategy ( NASDAQ:MSTR ) remains at the forefront of revolutionizing the intersection of traditional finance and blockchain technology.
RIOT RUNS ON BITCOIN LONGRIOT is shown on a 15 minute chart over the past 7 trading sessions showing 3 trends up
then with intermittent consolidation then a trend dow. The trend down is the most
important. Given the strength shown on the indicator demonstrating bullish divvergence
I believe that RIOT is now set up for a pullback entry long either shares or options at this time.
Let me know if you need trade specifics for either. See my other ideas for BTCUSD, MSTR,
HUT, BITF and the rest. COIN is also worth a look as an earnings play. Buyer note- any of
these could go into short squeeze if a decent upside price action sets things in momentum.
MicroStrategy's Market Cap and Potential S&P 500 InclusionMicroStrategy ( NASDAQ:MSTR ), a Bitcoin development company, has seen a surge in its shares, driven by the rise in Bitcoin prices, and now holds over $10 billion worth of BTC. The company's market capitalization currently stands at approximately $12.4 billion, which is not too far from the $15.8 billion required for inclusion in the S&P 500 Index. This index tracks the large-cap U.S. equity market across 500 companies.
If it qualifies for the S&P 500 Index, MicroStrategy's ( NASDAQ:MSTR ) shares could see new demand from passive SPY investors, who are not necessarily seeking Bitcoin exposure. According to experts, inclusion in the index could trigger a positive feedback loop, benefiting Bitcoin, as MicroStrategy's primary goal is to acquire as much BTC as possible.
MicroStrategy ( NASDAQ:MSTR ) has marketed itself to investors as a Bitcoin ETF with perks, including cash-generative operations and the ability to leverage capital markets. However, experts caution that using NASDAQ:MSTR as a proxy for Bitcoin exposure is misguided. The company is exposed to a wider range of variables, such as management expertise and lending environment.
Inclusion in the S&P 500 Index is not guaranteed, as eligible companies must fulfill several criteria, including being domiciled in the United States, boasting sufficient liquidity, and showing net positive earnings over their previous four quarters. Even Coinbase, a crypto exchange with a $39 billion market cap, has struggled with profitability over the past four quarters and has not made it into the S&P 500.
It's worth noting that exchange-traded funds, including Bitcoin ETFs, are also ineligible for the S&P 500.