Coinbase Global and MicroStrategy were leading a raft of cryptocurrency-related stocks higher on Wednesday. The companies were among those being boosted by Bitcoin’s rally and MicroStrategy pouring more money into the asset.
Coinbase shares were up 6.1% at $182.53. The cryptocurrency exchange is trading at its highest levels since early 2022 and has outpaced the rise of Bitcoin.
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Global and
were leading a raft of cryptocurrency-related stocks higher on Wednesday. The companies were among those being boosted by Bitcoin’s rally and MicroStrategy pouring more money into the asset.
shares were up 6.1% at $182.53. The cryptocurrency exchange is trading at its highest levels since early 2022 and has outpaced the rise of Bitcoin.
a business intelligence company founded and chaired by Bitcoin bull Michael Saylor, was up 2.5%.
Saylor said Wednesday that MicroStrategy had bought 14,620 Bitcoin for around $615.7 million, at an average price of $42,110 each.
MicroStrategy now holds 189,150 Bitcoin, acquired at an average price of $31,168 per bitcoin, Saylor said. MicroStrategy has emerged as one of the few companies to hold significant quantities of crypto, and Bitcoin’s rally this year has buoyed its finances.
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Other cryptocurrency-related stocks were also climbing. Bitcoin miner
was up 8.4% and peer
gained 3.7%.
Write to Adam Clark at adam.clark@barrons.com
