April 13, 2024
Crypto

Crypto Stocks Rally On Report Bitcoin ETF Regulatory Approvals Could Arrive Friday


Bitcoin and crypto stocks rebounded Thursday on a report by Fox Business late Wednesday that federal regulators could issue spot bitcoin ETF approvals as soon as Friday, ahead of the expected deadline of Jan. 10.




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The bitcoin price, which fell 4.7% to $42,952.22 Wednesday, increased more than 2% Thursday to 43,891. This comes after bitcoin rose above $45,000 on Tuesday, the first time the cryptocurrency has topped that level since April 2022.

At the end of 2023, bitcoin was trading at 20-month highs around $43,000, surging from $27,000 at the end of September. The world’s largest cryptocurrency rebounded 158% in 2023.

Cryptocurrency exchange Coinbase (COIN) gained 3.7% with bitcoin miner Marathon Digital (MARA) surging 5.7% Thursday during market action. COIN stock has dropped 12.5% on the week. MARA stock advanced more than 2% Wednesday after plunging 16.4% on Dec. 29. Crypto stocks broadly angled lower Wednesday during regular trade.

Late Wednesday, Fox Business cited unnamed sources saying the Securities and Exchange Commission could approve spot bitcoin ETF issues on Friday, with trading starting next week. The expectation is that this will let institutional investors more readily participate in the crypto market and offer exposure to their customers.

Fellow crypto-related play ProShares Bitcoin Strategy ETF (BITO) advanced 3%. Meanwhile, Grayscale Bitcoin Trust (GBTC) also jumped 3.5%.

Launched in October 2021, the ProShares Bitcoin Strategy ETF is the first U.S. bitcoin-linked ETF. It’s also the largest, so far, based on assets under management as of Sept. 30, according to Bloomberg data. BITO invests in bitcoin futures contracts and does not offer direct exposure to the cryptocurrency.

Among other crypto-related stocks, Riot Platforms (RIOT) surged 5%, Robinhood Markets (HOOD) edged up 1.7% and MicroStrategy (MSTR) gained 3.6%.

Please follow Kit Norton on X, formerly known as Twitter, @KitNorton for more coverage.

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