Crypto-Related Stocks on the Rise with Bitcoin’s Leap
It’s a bright day for crypto enthusiasts as Bitcoin breezes past the $47,000 mark, energizing the pre-market trading scene. The ripple effect is evident as crypto stocks like COIN, MSTR, and mining giants CLSK, RIOT, and MARA catch the wave, ticking upward with anticipation.
Leading the charge is mining firm CleanSpark (CLSK), celebrating a nearly 20% increase, buoyed not just by Bitcoin’s performance but also by their glowing Q3 2023 results revealed on Thursday. It’s a moment of transformation, turning the tide from last year’s loss to a commendable profit of $25.9 million.
Bitcoin miners Riot Platforms (RIOT) and Marathon Digital Holdings (MARA) are also on the upswing, with reported increases of 7% and 8% respectively. With the next Bitcoin halving event on the horizon, mining stocks are becoming an increasingly popular channel for Bitcoin exposure, as noted by brokerage firm Bernstein.
The broader digital asset market is feeling the uptick too, with the CoinDesk 20 Index climbing around 2.6%. And it’s not just the miners; cryptocurrency exchange Coinbase (COIN) and corporate Bitcoin giant MicroStrategy (MSTR) are also enjoying gains, each around the 5% mark. Let’s not forget BlackRock’s bitcoin exchange-traded fund (IBIT), which is seeing a healthy addition of around 2.75%.
It’s an exciting time for digital assets, as the market’s optimism reflects in the performance of crypto-related stocks, heralding a promising trend for investors and blockchain enthusiasts alike.
