Coinbase
Global and
MicroStrategy
were leading a raft of cryptocurrency-related stocks higher on Wednesday. The companies were among those being boosted by Bitcoin’s rally and MicroStrategy pouring more money into the asset.
Coinbase
shares were up 6.1% at $182.53. The cryptocurrency exchange is trading at its highest levels since early 2022 and has outpaced the rise of Bitcoin.
MicroStrategy,
a business intelligence company founded and chaired by Bitcoin bull Michael Saylor, was up 2.5%.
Saylor said Wednesday that MicroStrategy had bought 14,620 Bitcoin for around $615.7 million, at an average price of $42,110 each.
MicroStrategy now holds 189,150 Bitcoin, acquired at an average price of $31,168 per bitcoin, Saylor said. MicroStrategy has emerged as one of the few companies to hold significant quantities of crypto, and Bitcoin’s rally this year has buoyed its finances.
Other cryptocurrency-related stocks were also climbing. Bitcoin miner
Marathon Digital
was up 8.4% and peer
Riot Platforms
gained 3.7%.
Write to Adam Clark at [email protected]
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