After Bitcoin soared past the $30,000 milestone, crypto-linked stocks like Coinbase and Block reaped the rewards.
Cryptocurrency-related stocks experienced a significant boost on April 11th as Bitcoin (BTC) rallied past the $30,000 mark, reaching its highest point since the digital asset bear market intensified last summer.
Companies with exposure to the crypto sector, such as Coinbase, Block, MicroStrategy, Riot Platforms, and Marathon Digital, were among the firms experiencing the consequences of the Bitcoin price rise.
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On April 11th, shares of Coinbase Global (ticker: COIN) rose by almost 5%. Coinbase is an American publically traded cryptocurrency exchange. The company's revenue often correlates with Bitcoin prices as retail traders are drawn to the market during bullish periods. It is worth noting that, in 2023, Coinbase stock climbed 87%.
On the other hand, Block (SQ) shares grew by almost 2%. However, despite overall Bitcoin's price increase, Block shares have underperformed this year, rising by less than 6%. Over the last month, the stock has been under pressure following a negative report from a short seller.
MicroStrategy (MSTR) stocks experienced a 6% increase. MicroStrategy, led by Bitcoin advocate Michael Saylor, holds a considerable amount of Bitcoin in its corporate treasury. As of April 5th, the firm and its subsidiaries had acquired around 1,045 Bitcoins for about $29.3 million per BTC, taking its total holdings to approximately 140,000 Bitcoin, worth an estimated $3.9 billion. MicroStrategy stock has increased by 120% this year.
Shares in Riot Platforms (RIOT) and Marathon Digital (MARA) jumped by approximately 4%.
All of the above-mentioned companies belong to an exclusive group of stocks that typically follow the price trends of Bitcoin and other digital assets. It is usually because the firms have cryptocurrencies or are significantly exposed to the digital asset market.
At the time of writing, Bitcoin (BTC) retails for $30,222.97, recording a 5.66% price increase.
