Cryptocurrency and crypto-adjacent stocks are having a moment in the sun as bitcoin (BTC), the world’s largest cryptocurrency, shoots past the $100,000 mark for the first time in history.
Nasdaq-listed crypto trading platform Coinbase Global Inc (NASDAQ:COIN) (Coinbase Global Inc (NASDAQ:COIN)) is now up more than 75% in a month and nearly 120% year to date.
HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) Ltd, a Nasdaq- and Toronto-listed bitcoin miner, is up more than 22% in a month, while Nasdaq-listed Bit Digital Inc (NASDAQ:BTBT) has rallied more than 40%.
MicroStrategy has taken the cake though, with the premier bitcoin proxy pumping nearly 80% in a month and a walloping 487% year to date.
Under the stewardship of bitcoin maximalist Michael Saylor, MicroStrategy has pivoted from an enterprise software firm to the world’s largest holding of bitcoin with a $41 billion bitcoin cache.
Bitcoin has been on a tear since president-elect Donald Trump swept to power in the US election in early November.
He promised to usher in a wave of pro-crypto policies and have a soft-touch approach to crypto regulation.
Trump has already made good on his pledge by appointing Paul Atkins as the chair of the US Securities and Exchange Commission (SEC).
Trump said of his appointment: “Paul is the CEO and Founder of Patomak Global Partners, a risk management consultancy.
“As Co-Chairman of the Digital Chamber’s Token Alliance since 2017, he has worked on and studied the digital assets industry.”
Aktin, should he accept the mission, will replace outgoing crypto-sceptic Gary Gensler, who has shown animosity to the digital asset industry.
At the time of writing, the BTC/UDS pair was swapping for more than $101,000.
Bitcoin is up more than 139% year to date – Source: tradingview.com