header banner
Default

Bitcoin ETF chatter boosts crypto miners, MicroStrategy and Coinbase


Table of Contents
    Editor note Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!

    BTC%20up(Kitco News) - Excitement about the possibility of a spot Bitcoin (BTC) exchange-traded fund launching in the near future has helped propel the top crypto to a fresh 2023 high of $35,155. Still, it's not just BTC that is benefiting from the development, as multiple crypto-related stocks have also seen a lift.

    Cryptocurrency miners have been some of the biggest beneficiaries of the BTC ETF chatter as investors have used them as a proxy for investing in Bitcoin in the same way gold investors invest in gold miners as a way to capture larger yields when the price of gold moves higher.

    Riot Blockchain (RIOT) saw its stock climb 25% on Monday, while Marathon Digital Holdings (MARA) saw its stock trade 34.85% higher on Tuesday as compared to its closing price on Friday.

    At the time of writing, Cipher Mining’s (CIFR) is trading 33.2% higher than it was on Friday, bringing its year-to-date (YTD) increase to 775%, far and above Bitcoin’s 2023 gain of 86%.

    On a YTD basis, RIOT is up 163.1%, while Northern Data, a Frankfurt-based general processing unit miner, has increased by an impressive 345%.

    Other crypto mining firms that have posted growth rates in excess of 100% in 2023 include Hut 8 Mining (HUT), Iris Energy (IREN), Bitfarms (BITF), and Hive Technologies (HIVE).

    Mix

    Bitcoin miner performance in 2023. Source: TradingView

    And it's not just crypto mining companies that have seen a boost to their stock prices as well-known companies that have an association with crypto, including MicroStrategy (MSTR) and Coinbase (COIN), have also benefited from the surge in interest.

    Over the past week, MSTR price has climbed 28.9% to trade at $432.39 at the time of writing, while COIN saw a gain of 20.5% before profit-taking reduced its overall price growth since last Thursday to 7.5%.

    Coin%20Mstr

    MSTR vs. COIN 4-hour chart. Source: TradingView

    YTD, MSTR is up 214.7% and COIN has increased by 125.7%

    MicroStrategy currently holds 158,245 BTC in its Treasury, which were purchased at an average price of 29,582 for a total investment of $4.68 billion. With BTC's current price of $34,695, MicroStrategy’s investment is now valued at nearly $5.5 billion, representing an unrealized gain of roughly $810 million.

    The altcoin market has also benefited greatly from the renewed interest in Bitcoin as more than two-thirds of the tokens in the top 200 have recorded gains in excess of 10% over the past week.

    perf

    Weekly cryptocurrency market performance. Source: Coin360

    Notable blue-chip gainers include Chainlink (51%), Solana (39%), AAVE (34%), Decentraland (25%), Polygon (23%), Dogecoin (16.4%), Cardano (14.6%), Ethereum (14.3%), XRP (13.95%), Litecoin (11.9%), and Bitcoin Cash (11.6%).

    Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

    Sources


    Article information

    Author: Tammy Gilbert

    Last Updated: 1698887282

    Views: 977

    Rating: 4.4 / 5 (41 voted)

    Reviews: 99% of readers found this page helpful

    Author information

    Name: Tammy Gilbert

    Birthday: 1990-10-23

    Address: 318 Henderson Crescent Suite 929, Sharpmouth, MA 42106

    Phone: +4373757628923490

    Job: Art Director

    Hobby: Raspberry Pi, Tea Brewing, Whiskey Distilling, Bird Watching, Board Games, Yoga, Soccer

    Introduction: My name is Tammy Gilbert, I am a multicolored, welcoming, lively, dazzling, resolved, unswerving, strong-willed person who loves writing and wants to share my knowledge and understanding with you.