Proxies for Bitcoin Slump as Crypto Goes Mainstream
Kenetic's Chu Sees Bitcoin at $50,000 by End of 2018
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The bloom may be off the rose for companies such as Overstock.com Inc. and Riot Blockchain Inc. that were seen by investors as less risky proxies for cryptocurrencies.
With the looming availability of bitcoin futures, speculators may be now shifting away from stocks of companies that rode the wave of optimism that sent the cryptocurrency up more than 12-fold this year. Investors may also be shorting them as a negative bet on bitcoin, according to Tom Forte, an analyst at DA Davidson & Co.