Tesla’s Model Y to be Revamped at Shanghai Factory, Analysts Weigh in on Stock\n\nTesla (TSLA) is making moves to revamp its Model Y at its Shanghai factory, according to a report from Bloomberg. The company’s stock has also caught the attention of Wall Street analysts, with Wedbush Securities’ Dan Ives noting that the EV maker’s deliveries are on track to exceed expectations for the fourth quarter. Meanwhile, Morgan Stanley’s Adam Jonas sees Tesla as both an auto company and an AI company, but predicts a challenging year for its auto business in 2024.\n\nIn other news, Coinbase (COIN), Marathon Digital (MARA), and Microstrategy (MSTR) are all trading higher on Wednesday as the crypto industry anticipates the approval of a spot bitcoin ETF by the Securities and Exchange Commission in January. This news has caused a surge in the value of digital currencies, with Bitcoin gaining nearly 160% this year.\n\nMicroStrategy, a software firm, has recently announced that it has purchased $615.7 million worth of bitcoin in cash. This move is seen as a way to protect the value of the company’s reserve assets. The company’s stock has seen a 350% increase this year, largely due to its investment in bitcoin.\n\nAccording to analysts at TD Cowen, this move by MicroStrategy is not a short-term trading strategy, but rather a belief that bitcoin will prove to be a superior store of value in the long run. \n\nThe recent surge in the crypto market has been fueled by a number of filings, including from traditional finance giants like BlackRock. This has revived the market after a period of decline following the collapse of high-profile firms such as FTX. A spot crypto ETF would allow investors to track the market price of the underlying asset without having to purchase the currency itself.\n\nMicroStrategy has been steadily accumulating bitcoin since 2020 and currently holds 189,150 bitcoins, purchased for a total of $5.9 billion. The company sees its bitcoin investments as long-term holdings and plans to continue accumulating the cryptocurrency.\n\nIn its latest quarterly report, MicroStrategy stated that due to its limited supply, bitcoin has the potential to appreciate in value if its adoption increases and can serve as a hedge against inflation in the long run.\n\nTesla’s plans to revamp its Model Y and the anticipation of a spot bitcoin ETF approval by the SEC have caused a surge in the stock prices of related companies.