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Bitcoin Spike Boosts Coinbase, MicroStrategy Stock Prices
(CTN News) – The price of Bitcoin (BTC) is not the only asset that is performing well today: crypto stocks are doing well as well.
The largest cryptocurrency by market capitalization is approaching $72,000 after experiencing a lull last week. As per CoinGecko, Bitcoin is now less than 3% from its all-time high. March was the month when it reached that level.
Stocks of companies providing exposure to the crypto industry have increased as a result. It is currently trading at $1,531.67 per share, up over 6% from yesterday’s close. MicroStrategy (NASDAQ: MSTR) is a self-proclaimed “Bitcoin development company.”
As a result of aggressively adding BTC to its balance sheet this year, the software company has vastly increased its value – its stock has more than doubled since January and has gained over 122% in value this year.
As a result of the stock’s safety, Michael Saylor, the company’s co-founder and chairman, has argued that investors are able to gain exposure to Bitcoin in a safe manner. BTC now amount to $15 billion in the company’s possession.
In addition, San Francisco-based Coinbase (NASDAQ: COIN), America’s largest crypto exchange, is also up more than 6%. The exchange-which became public in 2021-has been on a roll this year: it released its Q4 2023 results in February, indicating that the exchange is back in the black.
As of today, Coinbase’s stock is trading at $255.99 per share, an increase of over 63% from this time last year.
With over 9,000 Bitcoins ($700 million in digital coins) held, Tesla (NASDAQ: TSLA), one of the largest public companies to hold Bitcoin, has jumped by more than 5% and is now trading at $173.39.
Bitcoin mining companies have experienced a marginal increase. CleanSpark, which uses green energy to mine BTC, has risen more than 1% and is now trading at $15.79 per share.
Hut 8 Corp (NASDAQGS: HUT) has risen less than 2%, and is now trading at $9.14, while Hut 8 Corp (NASDAQGS: HUT) has jumped less than 2%.
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