Crypto Stocks Rally as Bitcoin Gains
Shares of companies invested in the cryptocurrency sector surged on Monday, driven by a rise in digital assets and a broader increase in risk-taking in the market.
MicroStrategy (MSTR), previously known as MicroStrategy, saw its share price increase by over 10%, closing at $335.72, according to Nasdaq data. MicroStrategy, the largest corporate holder of Bitcoin, announced it had surpassed 500,000 Bitcoin in its holdings after its latest purchase. The Tysons, Virginia-based company now holds 506,137 Bitcoin, valued at $44.2 billion, as stated in a press release.
Coinbase (COIN), the largest U.S. cryptocurrency exchange, experienced a 7% increase during Monday afternoon trading, with shares priced at $203.
Major public Bitcoin mining companies also saw gains. CleanSpark (CLSK), a low-carbon-powered miner, jumped over 18% to $8.79. Riot Platforms (RIOT) rose almost 10% to $9.69, and MARA Holdings (MARA) was priced at $14.61 after an 18% increase.
The U.S. stock market traded higher on Monday following indications from the White House that it would soften its stance on tariffs with trading partners. Other positive macroeconomic signals have also supported the market’s uptrend. The tech-heavy Nasdaq jumped 2.2%.
Bitcoin, the largest cryptocurrency by market capitalization, was recently trading around $87,350, a 2.2% increase over the previous 24 hours, noted data provider CoinGecko. Ethereum and Solana also saw gains, trading up more than 4% and 6%, respectively, during the same period.
Earlier this month, the Consumer Price Index (CPI), a key measure of inflation, came in slightly lower than anticipated. This data release eased market concerns regarding rising prices and the threat of stagnant economic growth.
Edited by James Rubin
