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Crypto Stocks Rise as Bitcoin Plows Through $59K for First Time Since 2021
Gains among exchange-traded funds were led by BlackRock's IBIT.
U.S. crypto-related stocks rose in pre-market trading Wednesday as bitcoin BTC$84,481 barreled through $59,000 for a fifth straight day of gains.
The 4.8% advance over 24 hours took the largest cryptocurrency by market value to the highest level since November 2021 and left it about 14% below its record high of around $69,000. The broader crypto market also advanced, with the CD20 adding 3.5%.
STORY CONTINUES BELOW
Coinbase (COIN), the only U.S. traded crypto exchange, added 3.9% after touching a 52-week high of $209.94 on Tuesday. MicroStrategy (MSTR), the largest corporate holder of bitcoin, rose 7.5%. The software developer said Monday it bought another 3,000 BTC, taking its total stash to 193,000. BlackRock’s bitcoin exchange-traded fund (IBIT), added around 3.9%, the most among the spot bitcoin ETFs approved last month.
Gains among miners were led by Marathon Digital (MARA) and Mawson Infrastructure (MIGI), which both added 6.1%. HUT 8 (HUT), which yesterday said it will start selling its bitcoin stash to finance corporate growth, advanced 3%.
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
