Crypto stocks like Coinbase and MicroStrategy soar, mirroring rally in bitcoin

Coinbase, MicroStrategy and Riot Platforms surged Monday as investors piled into crypto companies following bitcoin’s rally to a two-week high.

The price of bitcoin has been rising since the attempted assassination of Donald Trump over the weekend, with investors betting that the Republican presumptive nominee is now more likely to win the election in November. In recent months, Trump has been making increasingly bullish comments on crypto, and last week he signed on to headline the Bitcoin 2024 conference in Nashville, Tennessee.

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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