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Coinbase, MicroStrategy Jump as Bitcoin Rallies

Bitcoin is trading at levels not seen since April 2022, shrugging off a tough year marked by several implosions and regulatory clampdowns.

Güncellendi 8 Mar 2024 ös 5:57 Yayınlandı 4 Ara 2023 öö 10:04 AI tarafından çevrildi
(Alpha Photo/Flickr)
(Alpha Photo/Flickr)

Shares of Coinbase (COIN) and MicroStrategy (MSTR) both jumped more than 4% Monday as bitcoin [BTC] extended its year-to-date gain to over 150%, at one point touching $42,000.

Traders consider the two companies as proxy bets for the crypto markets, given their close ties to the largest cryptocurrency by market cap, which has added 4% in the past 24 hours.

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Coinbase is one of the largest crypto bourses by trading volumes and is among the few publicly listed crypto companies in the U.S. The firm, which has historically maintained a regulated stance, is listed as a custodian for several proposed bitcoin spot exchange-traded fund (ETF) products in the country.

The crypto exchange’s Nasdaq-listed shares had added 4.34% to $139.45 as of 11 a.m. ET (16:00 UTC), their highest level since April 2022.

Business software company MicroStrategy is the largest public holder of bitcoin, with 174,000 BTC, a position it acquired over three years by investing company funds and proceeds from bond sales. The value of the holdings is now equal to over 88% of MicroStrategy’s $8.2 billion stock market capitalization.

MSTR traded at $554.17, up around 5%, also a level last seen in April 2022.

MicroStrategy (MSTR) shares, Dec. 05, 2023 (MarketWatch)
MicroStrategy (MSTR) shares, Dec. 05, 2023 (MarketWatch)

Bitcoin has surged recently amid optimism U.S. regulators will approve exchange-traded funds (ETFs) that hold BTC, a move some experts believe will prompt a flood of investment into the foremost cryptocurrency.

Crypto miner Marathon Digital (MARA) gained 5% and rival Riot Platofrms (RIOT) 6.7%. Hut 8 (HUT), which completed its merger with U.S. Data Mining Group on Friday, jumped 380%. However, this astronomical jump can be attributed to a stock consolidation due to the merger. Taking the 5:1 ratio into account, the shares are down some 11%.

UPDATE (Dec. 4, 12:42 UTC): Updates with Hut 8 merger details.

UPDATE( Dec. 4, 16:20 UTC): Updates prices after the open.

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Sizin için daha fazlası

Proposed ‘AfterDark’ Bitcoin ETF Would Skip U.S. Trading Hours

Bitcoin and ether sink to multi-month lows (Getty Images/Unsplash+)

The fund would hold bitcoin only overnight, betting on data showing bitcon gains mostly occur outside regular market hours.

Bilinmesi gerekenler:

  • Nicholas Financial has filed with the SEC to launch a bitcoin ETF that holds BTC only during overnight hours.
  • The “AfterDark” ETF buys bitcoin after U.S. stocks close for the day and then sells bitcoin and shifts into Treasuries during the American session.
  • Data shows bitcoin tending to perform better when traditional U.S. markets are closed.