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Coinbase, Hut 8 and Other Crypto Stocks Rise as Bitcoin Surpasses $27.6K
BTC’s price is up over 10% over the last 24 hours.
The shares of crypto exchange Coinbase (COIN) and several crypto-related companies were rising Friday as the price of bitcoin (BTC) surpassed $27,600, up over10% over the last 24 hours. BTC crossed $27,000 for the first time since the first part of June.
Coinbase shares were up close to 7%, while those of MicroStrategy (MSTR), which holds billions of dollars of bitcoin on its balance sheet, were up 7.7%. Crypto mining stocks were up significantly, as well, led by Riot Platforms (RIOT), up 12%. Shares of Hut 8 (HUT) and Hive Blockchain Technologies (HIVE) were both up 7%.
STORY CONTINUES BELOW
In addition, shares of bitcoin miner Marathon Digital (MARA) – which reported fourth- quarter earnings late Thursday after the report was delayed by several weeks because of an inquiry by the U.S. Securities and Exchange Commission related to accounting matters – were up close to 5%.
Marathon produced a record 1,562 bitcoins in the fourth quarter, although its earnings per share and revenue for the quarter came in short of analysts' estimates, according to FactSet. Some of the loss was due to a $332.9 million charge related to the carrying value of mining rigs and advances to vendors.
UPDATE (March 17, 2023, 22:45 UTC): Updates bitcoin price information in headline, deck and story.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
