Crypto Stocks Rise as Bitcoin Plows Through $59K for First Time Since 2021

U.S. crypto-related stocks rose in pre-market trading Wednesday as bitcoin (BTC) barreled through $59,000 for a fifth straight day of gains.

The 4.8% advance over 24 hours took the largest cryptocurrency by market value to the highest level since November 2021 and left it about 14% below its record high of around $69,000. The broader crypto market also advanced, with the CD20 adding 3.5%.

Coinbase (COIN), the only U.S. traded crypto exchange, added 3.9% after touching a 52-week high of $209.94 on Tuesday. MicroStrategy (MSTR), the largest corporate holder of bitcoin, rose 7.5%. The software developer said Monday it bought another 3,000 BTC, taking its total stash to 193,000. BlackRock’s bitcoin exchange-traded fund (IBIT), added around 3.9%, the most among the spot bitcoin ETFs approved last month.

Gains among miners were led by Marathon Digital (MARA) and Mawson Infrastructure (MIGI), which both added 6.1%. HUT 8 (HUT), which yesterday said it will start selling its bitcoin stash to finance corporate growth, advanced 3%.