Crypto Stocks Rallying After Bitcoin Surges

MicroStrategy and bitcoin miners have been the largest gainers this week.

Crypto stocks have rallied over the past week as the prices of bitcoin and other major digital assets have surged.

Noted bitcoin investor MicroStrategy and major bitcoin miners, including Marathon Digital, have been the biggest gainers, rising well into the double-digits.

The share price increases have come as the largest cryptocurrency by market capitalization has climbed to its highest levels since mid-2022, the result of rising optimism that a spot BTC ETF will receive regulatory approval soon. Bitcoin surpassed $35,000 on Monday, its highest level in 18 months. It is currently trading at about $34,500, up more than 1.5% over the past 24 hours.

MicroStrategy is up 32.5% for the week to reach $433.22, a more than 8% increase on Wednesday. The Michael Saylor-led firm purchased 5,445 bitcoin late last month, bringing the total holdings up to 158,245 bitcoins.

Bitcoin miners have been showing strength as a group with Marathon Digital, despite declining on Wednesday, up 18..5% to $9.47 over the week. Riot Platforms (RIOT) has jumped nearly 18% to $10.56 and CleanSpark (CLSK) up close to 13.2% to $4.62.

Crypto exchange Coinbase (COIN) gained 4.7% to $77.79, though the stock fell more than 5% after news that Cathie Wood’s ARK Invest sold shares of Coinbase and Grayscale Bitcoin Trust (GBTC) on two consecutive days this week.

Investment app Robinhood, which offers some crypto trading, was among the few crypto stocks to decline, falling more than 2% to change hands at $9.03. That performance, though, was better than crypto-exposed payment firms PayPal (PAYL) and Block (SQ), which fell 5% and 8%, respectively.