- Coinbase and Bitcoin mining stocks like Marathon Digital and Riot Platforms saw small gains to start the week, despite Bitcoin’s tepid price performance.
- MicroStrategy stock also rose slightly, highlighting the gains it has made from Bitcoin’s upward trend this year.
- Though Bitcoin’s price has stagnated recently, crypto stocks remain strong, with many seeing triple-digit growth this year. Investors are optimistic about further gains with a potential BTC ETF approval on the horizon.
The shares of major crypto-focused companies begin the week better than Bitcoin‘s tepid price performance during Asian trading hours. Despite the lull, market observers remain largely bullish as they anticipate an imminent approval of a spot BTC exchange-traded fund (ETF) in the US.
Coinbase Stock Rises Slightly
Coinbase (COIN), the largest US-based exchange, stock rose by a meager 0.43% at the beginning of the market to $153, representing a reversal of its 1.61% pre-market decline. COIN is one of the best-performing crypto stocks this year, with a year-to-date (YTD) gain that has eclipsed 300%.
Bitcoin Mining Stocks See Gains
Similarly, shares of publicly traded Bitcoin mining companies like Marathon Digital, Riot Platforms, Hive Digital, Canaan, and Hut 8 increased during their stocks’ early trading hours. Canaan and Hut 8 recorded increases of around 14% and 17% respectively. Like Coinbase, most miners have had a robust year, witnessing triple-digit percentage growth during the past year.
MicroStrategy Stock Rises Slightly
Meanwhile, MicroStrategy, a significant Bitcoin advocate that holds nearly 175,000 units of the top cryptocurrency, observed an increase of just under 1% on the day. Its year-to-date increase of 302% highlights the gains it has made from Bitcoin’s upward trend this year.
Bitcoin’s Lull Continues
The stock prices among these companies contrast sharply with the slight decline observed in Bitcoin’s value today. Data from CryptoSlate shows that while the flagship digital asset continues to trade above $41,000, its value has fallen by around 2% during the last 24 hours and 10.5% during the past week.
Conclusion
Despite Bitcoin’s stagnant price action, publicly traded crypto companies enjoyed a strong start to the week. With an imminent BTC ETF approval on the horizon, market observers remain optimistic about further gains for both crypto assets and related stocks.
