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Coinbase, MicroStrategy Jump as Bitcoin Rallies
Bitcoin is trading at levels not seen since April 2022, shrugging off a tough year marked by several implosions and regulatory clampdowns.
Updated Mar 8, 2024, 5:57 p.m. Published Dec 4, 2023, 10:04 a.m.
Shares of Coinbase (COIN) and MicroStrategy (MSTR) both jumped more than 4% Monday as bitcoin [BTC] extended its year-to-date gain to over 150%, at one point touching $42,000.
Traders consider the two companies as proxy bets for the crypto markets, given their close ties to the largest cryptocurrency by market cap, which has added 4% in the past 24 hours.
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Coinbase is one of the largest crypto bourses by trading volumes and is among the few publicly listed crypto companies in the U.S. The firm, which has historically maintained a regulated stance, is listed as a custodian for several proposed bitcoin spot exchange-traded fund (ETF) products in the country.
The crypto exchange’s Nasdaq-listed shares had added 4.34% to $139.45 as of 11 a.m. ET (16:00 UTC), their highest level since April 2022.
Business software company MicroStrategy is the largest public holder of bitcoin, with 174,000 BTC, a position it acquired over three years by investing company funds and proceeds from bond sales. The value of the holdings is now equal to over 88% of MicroStrategy’s $8.2 billion stock market capitalization.
MSTR traded at $554.17, up around 5%, also a level last seen in April 2022.
Bitcoin has surged recently amid optimism U.S. regulators will approve exchange-traded funds (ETFs) that hold BTC, a move some experts believe will prompt a flood of investment into the foremost cryptocurrency.
Crypto miner Marathon Digital (MARA) gained 5% and rival Riot Platofrms (RIOT) 6.7%. Hut 8 (HUT), which completed its merger with U.S. Data Mining Group on Friday, jumped 380%. However, this astronomical jump can be attributed to a stock consolidation due to the merger. Taking the 5:1 ratio into account, the shares are down some 11%.
UPDATE (Dec. 4, 12:42 UTC): Updates with Hut 8 merger details.
UPDATE( Dec. 4, 16:20 UTC): Updates prices after the open.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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