As more publicly traded companies incorporate Bitcoin into their treasury, U.S. stocks related to cryptocurrencies saw gains alongside Bitcoin at the close on Monday.
The four major cryptocurrency mining companies in the country and several key cryptocurrency firms all experienced slight increases on June 10, continuing to rise in after-hours trading.
New Nasdaq member and stablecoin issuer Circle Internet Group (CRCL) saw its stock price increase by 7% that day, further rising 2.2% in after-hours trading to $117.79. Cryptocurrency miner Core Scientific Inc. (CORZ) closed up 4.27%, gaining an additional 0.87% after hours, while competitors CleanSpark Inc. (CLSK) and MARA Holdings Inc. (MARA) both rose over 3%, with about a 1% increase in after-hours trading.
Riot Platforms Inc. (RIOT) rose 2.74%, with an additional 1.2% gain after hours.
These gains came as Bitcoin rose 4% over the past day, reaching $110,150, moving towards the peak of $112,000 on May 22, as market tensions eased significantly with trade negotiations between the U.S. and China taking place in the UK.
At the same time, Bitcoin purchasing giant MicroStrategy Inc. (MSTR) rose 4.71%, then climbed over 1% to $396.61.
Cryptocurrency and stock trading platform Robinhood Markets Inc. (HOOD) was a rare exception in the widespread upward trend, with its stock price falling nearly 2% to $73.40 after the S&P Dow Jones Index did not adjust the S&P 500 index components last Friday.
The market had previously anticipated that Robinhood would be included in the index (which tracks the 500 largest publicly traded companies in the U.S., typically providing a significant boost to the stock prices of included companies), but S&P Dow Jones made no changes to the index components during the quarterly rebalancing.
In contrast, competitor trading platform eToro Group Ltd. (ETOR), which went public less than a month ago, saw its stock price soar over 10.5%, continuing to rise 2.4% in after-hours trading to $77.79, while cryptocurrency exchange Coinbase Global Inc. (COIN) saw a modest increase of 2% to $256.63.
This year's strong Bitcoin rally has sparked a wave of publicly traded companies rushing to purchase the cryptocurrency, hoping to boost their stock performance.
The latest to join this trend is Bitcoin mining equipment rental company BitMine Immersion Technologies, Inc. (BMNR). The company announced on Monday that it had purchased 100 Bitcoins as reserve assets after completing a stock issuance to raise $18 million on Wednesday.
While some companies that announced Bitcoin purchase plans have seen their stock prices rise, BitMine closed down nearly 8.7% on Monday, although it rebounded slightly by 5.2% in after-hours trading to $7.25.
Meanwhile, energy management company KULR Technology Group, Inc. (KULR) saw its stock price rise 4.2%, after the company announced on Monday that it had purchased an additional $13 million worth of Bitcoin, bringing its total holdings to 920 Bitcoins, with an average purchase price of $98,760 per Bitcoin.
Related: Bitcoin price shows strength, but can BTC bulls break through $110,000?
Original: “Bitcoin and U.S. Crypto Stocks Rise as More Companies Plan to Buy BTC”
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