Crypto Stocks Rise Alongside Bitcoin

Yolowire 16-Feb-2024 9:41 AM

Stocks of companies associated with %Cryptocurrencies are rising sharply alongside the price of %Bitcoin ($BTC).

The stock of cryptocurrency exchange %Coinbase (NASDAQ:COIN) is up 14% after the company reported its first profit in two years as demand for trading in digital assets skyrockets.

At the same time, software company %MicroStrategy (NASDAQ:MSTR), which holds 190,000 Bitcoin on its balance sheet, gained about 6.5% in recent trading amid crypto euphoria.

BlackRocks %BitcoinETF (NASDAQ:IBIT), which has the most capital among the new crop of spot Bitcoin ETFs, has gained 10% in the past five trading sessions.

Cryptocurrency miners are also seeing their stocks jump sharply higher, with %MarathonDigital (NASDAQ:MARA) up 14% and %RiotPlatforms (NASDAQ:RIOT) up 18% in the last week.

The rise in crypto stocks comes as the price of Bitcoin surpasses $52,000 U.S., its highest level in more than two years, and Bitcoins market capitalization soars past $1 trillion U.S.

Bitcoins price has now gained 122% over the last 12 months as investors enthusiasm for cryptocurrencies gains momentum.

COMTEX_447904833/2797/2024-02-16T09:38:23