Coinbase, Strategy Stocks Jump as Bitcoin Tops $80,000
Coinbase rose over 10% to above $193 and Strategy gained more than 15% as Bitcoin climbed to $80,982, lifting crypto-linked stocks on Thursday.
Shares of Coinbase and Strategy Inc. rose sharply on Thursday as Bitcoin reclaimed the $80,000 level. Coinbase traded above $193, up more than 10%, while Strategy climbed over 15% to trade above $142.09. Bitcoin was around $80,982.09, up nearly 5% in the past 24 hours. Ethereum traded about $2,497.93, up roughly 4.5%, and XRP was near $1.45, up about 9%.
The gains came as Treasury yields fell and the U.S. dollar weakened, supporting demand for risk assets. Federal Reserve Governor Christopher Waller indicated he is inclined to support holding interest rates steady, a comment that reduced some investor concern about tighter policy.
Coinbase, the largest U.S. cryptocurrency exchange by trading volume, saw higher trading activity as token prices rose. The company expanded its product offering with the launch of derivative contracts in Canada on Sept. 2.
Strategy Inc., formerly MicroStrategy, disclosed it purchased Bitcoin after a two-month pause earlier this week. The stock was trading about 31% above its 200-day simple moving average of $107.94. Strategy also announced a partnership with Google Cloud to launch an AI Transformation Forum, a seven-city U.S. executive series this fall in New York City, Boston, Washington, D.C., Sunnyvale, Chicago, Dallas and Atlanta. The forums will address enterprise data, semantic layers, AI governance, token and compute efficiency, and scaling AI projects from pilots into production.
Other publicly traded firms with crypto exposure advanced on Thursday. Circle Internet Group rose more than 15% to trade above $102, Bitmine Immersion Technologies gained about 13% to above $26, and Robinhood Markets increased more than 15% to trade above $124 after Morgan Stanley raised its price target from $124 to $150. Galaxy Digital added more than 11% and traded near $26 after Morgan Stanley raised its price target from $37 to $48.
Market participants noted that higher cryptocurrency prices coincided with stronger demand for companies tied to trading, mining and custody of digital tokens. Bitcoin’s price swings this year have influenced the share prices of exchanges, miners and firms that hold the asset on their balance sheets.
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