Crypto stocks like Coinbase and Microstrategy soar as bitcoin rallies
SAN ANSELMO, CALIFORNIA – JUNE 06: In this photo illustration, the Coinbase logo is displayed on a screen on June 06, 2023 in San Anselmo, California. The Securities And Exchange Commission has filed a lawsuit against cryptocurrency exchange Coinbase for allegedly violating securities laws by acting as an exchange, a broker and a clearing agency without registering with the Securities and Exchange Commission. (Photo Illustration by Justin Sullivan/Getty Images)
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Bitcoin is up about 6% in the past 24 hours, trading at around $63,500 as of early Monday afternoon.
Shares of Coinbase, the largest centralized digital asset exchange in the U.S., jumped 12% to $243.27, on pace for their best day since February. Bitcoin accounted for 33% of trading volume on the platform in the first quarter, by far the biggest amount for any cryptocurrency. Ethereum accounted for 13% of volume.
Bitcoin miner Riot Platforms surged 16%, while rival Marathon Digital soared 17%. Miners tend to gain when bitcoin rises in price because it increases the value of their operations.
MicroStrategy, the largest corporate holder of bitcoin, climbed 17% on Monday. The stock is up more than 150% this year. On Thursday, the company announced a 10-for-1 stock split, in order “to make MicroStrategy’s stock more accessible to investors and employees.”
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