Riot Platforms and Marathon Digital Lead Crypto Stock Gains as Bitcoin Stays Above $30K
The price of bitcoin is now up by more than 80% so far in 2023.
Apr 11, 2023 at 5:29 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/HJBAQT7Y7ZG3XORCNF2JRY7AVM.jpg)
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Crypto-related stocks are having a second day of big gains after bitcoin (BTC) on Monday evening pushed through $30,000 for the first time since June 2022. At press time, it's managed to hold that advance, trading at $30,100.
Bitcoin miners Riot Platforms (RIOT) and Marathon Digital (MARA) are ahead 15% and 11%, respectively. Shares of smaller players Stronghold Digital (SDIG) and Iris Energy (IREN) are up by nearly 20%.
The big advance in bitcoin over the past two days has pushed MicroStrategy's (MSTR) holdings – 140,000 coins purchased at an average price of $29,803 each – back into profit. MSTR shares are higher by 7% on Tuesday.
Crypto exchange Coinbase (COIN) and Mike Novogratz's crypto merchant bank Galaxy Digital (GLXY.TO) are also each up by about 7%.
Bitcoin pulled out a tight range around the $28,000 level on Monday afternoon and then pushed through $30,000 for the first time since June 10, 2022 late Monday evening, rising to as high as $30,400. The crypto is now up more than 80% in 2023 after having started the year at about $16,500.
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Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.