Bitcoin
Crypto stocks like Coinbase and Microstrategy soar as bitcoin surges
SAN ANSELMO, CALIFORNIA – JUNE 06: In this photo illustration, the Coinbase logo is displayed on a screen on June 06, 2023 in San Anselmo, California. The Securities and Exchange Commission has filed a lawsuit against cryptocurrency exchange Coinbase for allegedly violating securities laws by acting as an exchange, broker-dealer and clearing agency without registering with the Securities and Exchange Commission. (Photo illustration by Justin Sullivan/Getty Images)
Justin Sullivan | Getty Images
SAN ANSELMO, CALIFORNIA – JUNE 06: In this photo illustration, the Coinbase logo is displayed on a screen on June 06, 2023 in San Anselmo, California. The Securities and Exchange Commission has filed a lawsuit against cryptocurrency exchange Coinbase for allegedly violating securities laws by acting as an exchange, broker-dealer and clearing agency without registering with the Securities and Exchange Commission. (Photo illustration by Justin Sullivan/Getty Images)
Justin Sullivan | Getty Images
Bitcoin is up about 6% over the past 24 hours, trading around $63,500 as of early Monday afternoon.
Shares of Coinbase, the largest centralized digital asset exchange in the U.S., jumped 12% to $243.27, on pace for its best day since February. Bitcoin accounted for 33% of trading volume on the platform in the first quarter, by far the most for any cryptocurrency. Ethereum represented 13% of the volume.
Bitcoin miner Riot Platforms is up 16%, while rival Digital Marathon rose 17%. Miners tend to profit when bitcoin rises in price because it increases the value of their operations.
Microstrategy, the largest corporate holder of bitcoin, rose 17% on Monday. The stock is up more than 150% this year. On Thursday, the company announced a 10-for-1 stock splitto “make MicroStrategy stock more accessible to investors and employees.”
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