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Bitcoin mining stocks and other crypto-related companies are experiencing a decline following the SEC's approval of several spot Bitcoin ETFs. The SEC's approval, while a milestone, was not an endorsement of Bitcoin, as clarified by SEC chair Gary Gensler. This has likely contributed to the drop in crypto stocks as the ETFs provide a new investment avenue for Bitcoin exposure, potentially reducing demand for stocks like Marathon Digital Holdings, Riot Platforms, and CleanSpark. Additionally, the ETFs could pose a threat to crypto exchanges such as Coinbase Global and Robinhood Markets, which offer direct crypto asset investment services.

Portfolio Pulse from Adam Eckert

January 11, 2024 | 8:53 pm

MSTR

Michael Saylor, co-founder of MicroStrategy Incorporated (NASDAQ:MSTR), is known for his bullish stance on Bitcoin (CRYPTO: BTC), even suggesting to mortgage houses to buy it. MicroStrategy has accumulated 189,150 BTC with an average purchase price of $31,168. Saylor emphasizes a long-term investment strategy for Bitcoin. A $1,000 investment in Bitcoin when Saylor advised in March 2021 would be worth $810.73 today, a decline of 18.9%. Optimism remains with the approval of spot Bitcoin ETFs potentially increasing Bitcoin's value.

Portfolio Pulse from Chris Katje

January 11, 2024 | 8:29 pm

CVS

TGT

CVS Health plans to close several of its pharmacies located within Target stores between February and April. The decision is part of CVS Health's strategic adjustments to its retail pharmacy footprint.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 7:49 pm

HTZ

TSLA

UBER

Hertz Global Holdings Inc plans to reduce its global EV fleet by one-third, selling about 20,000 EVs to purchase more ICE vehicles in response to customer demand, lower margins, and higher damage costs associated with EVs. The decision follows Tesla's price cuts, which led to increased depreciation costs for Hertz. Despite the reduction, Hertz's collaboration with Uber remains successful, and the company expects the fleet adjustment to be a net positive.

Portfolio Pulse from Adam Eckert

January 11, 2024 | 7:44 pm

MI

NFT Ltd has entered into a securities purchase agreement with certain non-U.S. persons on January 10, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 7:35 pm

BLK

SCHW

Vanguard has decided against offering a U.S. spot Bitcoin ETF, citing the asset's volatility and its misalignment with the company's investment philosophy. This decision has led to criticism from crypto enthusiasts on social media. Vanguard's platform does not support the purchase of BlackRock's IBIT ETF, contrasting with other brokerages like Charles Schwab and Fidelity, which allow clients to buy new spot bitcoin ETFs. Vanguard's conservative stance has been met with negative reactions from some customers, with one announcing plans to transfer assets out of Vanguard.

Portfolio Pulse from Murtuza Merchant

January 11, 2024 | 7:32 pm

BHP

Benzinga's options scanner detected significant options activity on BHP Group (NYSE:BHP), with over 8 transactions totaling $641,935. Whales target a price range of $55.0 to $77.5 for BHP over the next 3 months. The volume and open interest trends suggest liquidity and interest in BHP's options. BHP is a global miner, recently acquiring Oz Minerals and entering the potash market. BHP's stock is slightly down with a potential oversold RSI, and earnings are expected in 39 days.

Portfolio Pulse from Benzinga Insights

January 11, 2024 | 7:31 pm

EOG

EOG Resources (NYSE:EOG) has delivered an average annual return of 12.12% over the past 20 years, outperforming the market. A $1000 investment in EOG 20 years ago would be worth $9,849.32 today. The company's current market capitalization stands at $67.29 billion.

Portfolio Pulse from Benzinga Insights

January 11, 2024 | 7:30 pm

MS

Morgan Stanley (NYSE:MS) is expanding its investment in early-stage companies through the Morgan Stanley Next Level Fund, which has $50 million in capital commitments. Despite a global decline in startup investing, Morgan Stanley has invested $12.5 million across nine companies. Additionally, Morgan Stanley Investment Management Inc. raised $1.2 billion for North Haven Expansion Equity IX and North Haven Expansion Credit II, surpassing its target by 40%. Barclays and Goldman Sachs have given Morgan Stanley an Overweight and Buy rating, respectively, with price targets suggesting potential upsides.

Portfolio Pulse from Aditi Ganguly

January 11, 2024 | 7:18 pm