Bitcoin price surge brings BTC-related stocks to new multi-week highs - DeviceFile

Bitcoin price surge brings BTC-related stocks to new multi-week highs

MicroStrategy the largest Bitcoin-holding public company saw its unrealized gains on its BTC

investment reach near the $1B mark as the company’s stocks gained nearly 9% on the day.

The Bitcoin

tickers down

price surge on Monday has now catapulted Bitcoin-related stocks to surge to new highs with the

likes of Coinbase and Microstrategy posting new multi-week highs.

Bitcoin mining stocks saw significant gains amid the BTC price momentum with the likes of United

States-listed Riot Blockchain recording an 11.69% surge followed by Marathon Digital Holdings at a

14.6% increase. Another factor that played a key role in the mining stocks surge is the

upcoming halving event that will cut the Bitcoin mining reward from 6.25 BTC to 3.125 BTC per block.

Bitcoin mining stocks not only outperformed Bitcoin in terms of daily price rally but also in terms of

year-to-date gains. Cipher Mining Inc. has seen an increase of 356% YTD compared to Bitcoin’s 86%

YTD gains. Similarly, Riot Platforms has registered a 163.10% YTD growth whereas Northern Data AG,

a GPU miner with headquarters in Frankfurt, has grown by 291.40%. Hut 8 Mining Corp, Iris Energy,

Bitfarms, Marathon Digital and Hive Technologies have all registered more than 100% growth this year.

Apart from public Bitcoin mining companies, other Bitcoin-centred public firms such as Coinbase and

MicroStrategy also posted multi-week highs. Coinbase’s stocks were up by 3.42% at publishing time

while the largest Bitcoin-holding public firm MicroStrategy recorded a 9% surge on the daily charts.