Cryptocurrency adjacent stocks Coinbase, MicroStrategy and Marathon Digital have all rallied in pre-market trading as bitcoin continues to hit new all-time highs.
Coinbase Global Inc (NASDAQ:COIN), one of the world’s largest cryptocurrency exchanges, lifted over 6% in pre-market trading, while bitcoin miner Marathon Digital jumped by 5%.
MicroStrategy Incorporated (NASDAQ:MSTR), the software firm, was one the top risers, lifting by close to 9% as it continues to benefit from holding around US$14.7 billion worth of the world’s largest cryptocurrency.
On Monday, the US firm revealed it had bought an additional 12,000 bitcoins after having raised US$782 million in a convertible debt offering, highlighting its bullish stance on the token.
BTC rallied 4% on Monday to reach over US$71,900, the gains of which have largely been driven by the SEC’s approval of a spot ETF, which makes it more accessible for investors.
“It also tends to do well when the Nasdaq does well – Bitcoin could be riding on the coattails of the AI boom and is generally doing well when liquidity is ample,” Neil Wilson at Markets.com explained.
Bloomberg data shared on Monday shows that over $55 billion of bitcoin’s total circulation is now held in exchange-traded funds managed by financial services giants including BlackRock, Fidelity, VanEck and Grayscale.
It represents a major groundswell of traditional finance adoption of the world’s largest cryptocurrency, with 10 firms now holding around 4% of all bitcoin in circulation.