Bitcoin, US Crypto Stocks Rise as more Firms Plan BTC Buys
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Crypto-Tied Public Companies Gain As BTC Pushes Toward $112K Amid New Treasury Moves.
US crypto-related stocks rose alongside Bitcoin on Monday, as several publicly traded firms announced new BTC purchases for their corporate reserves.
The top four US crypto miners and several major blockchain firms ended the June 10 trading session with gains, many continuing to rise after hours.
Circle Internet Group (CRCL), a newly listed stablecoin issuer on Nasdaq, climbed 7% during regular trading and gained another 2.2% in after-hours activity to close at $117.79. Core Scientific Inc. (CORZ) rose 4.27% during the day and added 0.87% after the bell, while CleanSpark Inc. (CLSK) and MARA Holdings Inc. (MARA) each advanced more than 3%, with an additional 1% bump post-market.
Riot Platforms Inc. (RIOT) recorded a 2.74% gain and rose 1.2% after hours.
Bitcoin itself surged 4% over the past 24 hours to reach $110,150, inching closer to its May 22 peak of $112,000. The rally coincided with easing macroeconomic tensions, as the US and China resumed trade talks in the UK.
MicroStrategy Inc. (MSTR), the largest public holder of Bitcoin, closed up 4.71% and gained over 1% in extended trading, reaching $396.61.
Robinhood Drops After Being Passed Over For S&P 500 Inclusion
Robinhood Markets Inc. (HOOD) was one of the few crypto-linked stocks to decline, falling nearly 2% to $73.40 after S&P Dow Jones Indices left the S&P 500 unchanged in its quarterly rebalancing.
Investors had speculated that Robinhood might be added to the index, which typically boosts share prices of newly included companies.
In contrast, newly public eToro Group Ltd. (ETOR) surged 10.5% and climbed another 2.4% after hours to $77.79. Coinbase Global Inc. (COIN) posted a 2% gain, ending at $256.63.
Public Companies Continue Adding Bitcoin To Treasuries
This year’s Bitcoin rally has encouraged more public companies to purchase the cryptocurrency in a bid to enhance shareholder value.
The latest to join the trend is BitMine Immersion Technologies Inc. (BMNR), a Bitcoin mining equipment rental firm. On Monday, it announced the purchase of 100 BTC following an $18 million share offering the previous week. Despite the news, BMNR stock fell 8.7% during the day before recovering 5.2% after hours to $7.25.
Meanwhile, KULR Technology Group Inc. (KULR), which focuses on energy management, reported an additional $13 million BTC purchase, bringing its total Bitcoin holdings to 920 BTC at an average cost of $98,760 per coin. The firm’s shares rose 4.2% on the day.
