Coinbase and Bitcoin logos are displayed on a mobile phone screen in San Anselmo, California on February 15, 2024.
Justin Sullivan | Getty Images
Cryptocurrency-related stocks rose in pre-market trading Thursday. Bitcoin Soared above $100,000 First time staying overnight.
micro strategy Soared 6.1%, while Robin Hood Market and Coinbase Global rose 4.3% and 3.5% respectively. Mara Holdings and Anti-riot platform Increases of about 6% and 4% respectively.
Year to date, MicroStrategy has soared 542.8% as of Wednesday’s close. Robinhood is up more than 200%, while Coinbase has nearly doubled. Mara Holdings lagged the group’s gains, rising 10.5%.
After President-elect Donald Trump won the election on November 5, investors became bullish on Bitcoin in anticipation of a looser regulatory environment.
Investors are also piling into leveraged Microstrategy ETFs, according to a research report from JPMorgan Chase on Wednesday. Leveraged ETFs can amplify the potential returns of an underlying index by holding debt; therefore, they are also considered a riskier investment fund.
“Flows into leveraged MicroStrategy ETFs accounted for almost a third of overall record $11 billion in inflows into crypto funds in November,” strategist Nikolaos Panigirtzoglou said in a note.
