Bitcoin ETF Buzz Boosts Crypto Stocks
The possibility of a spot Bitcoin exchange-traded fund (ETF) launching in the near future has propelled Bitcoin to a fresh 2023 high of $35,155. This development has not only benefitted Bitcoin but also multiple crypto-related stocks. Cryptocurrency miners, in particular, have seen significant gains as investors view them as a proxy for investing in Bitcoin, similar to how gold investors invest in gold miners.
Riot Blockchain (RIOT) saw a 25% increase in its stock on Monday, while Marathon Digital Holdings (MARA) saw a 34.85% surge on Tuesday. Cipher Mining’s (CIFR) stock is now trading 33.2% higher than last Friday, with a year-to-date increase of 775%, surpassing Bitcoin’s 86% gain in 2023. Other crypto mining firms, including Hut 8 Mining (HUT), Iris Energy (IREN), Bitfarms (BITF), and Hive Technologies (HIVE), have also experienced growth rates of over 100%.
Companies associated with crypto, such as MicroStrategy (MSTR) and Coinbase (COIN), have also witnessed a boost in their stock prices. MicroStrategy’s shares have climbed 28.9% in the past week, and its investment in BTC, now valued at nearly $5.5 billion, represents an unrealized gain of around $810 million. Coinbase has seen a gain of 20.5% in the past week, with a YTD increase of 125.7%.
Altcoin Market Benefits from Bitcoin’s Renewed Interest
The renewed interest in Bitcoin has also greatly benefited the altcoin market, with over two-thirds of the top 200 tokens recording gains of over 10% in the past week.
