These Stocks Are Profiting off of Bitcoin Price Surge
Several stocks are enjoying the benefits of having a bullish Bitcoin right now, and we look at a few of the key ones.
For the past few days, Bitcoin (BTC) has gained back much of its more recent losses, adding 10.33% over 7 days. This has been one of its biggest price surges in months.
Predictions are running high for Bitcoin now, with many analysts anticipating a record high in the near future. As Bitcoin soars to $63,750 (BTC/USD), several stocks are benefitting from the coin’s excellent performance.
A few of those may be worth looking at for investors who want to put their money into stocks rather than in cryptocurrency.
Marathon Digital Holdings (MARA) is one of the biggest stocks with a Bitcoin link. They started out as a patent company but have developed into a Bitcoin mining operation. By Monday this week, the company’s stock had grown by 20%, putting the stock price into the black for the year so far.
iShares Bitcoin Trust (IBIT) is an investment fund with a focus on buying up assets traded on exchanges, and they buy USD and Bitcoin. They track Bitcoin’s spot price, and they gained 10% at the beginning for this week thanks to Bitcoin’s price gains.
CleanSpark Inc. (CLSK) gained more than 15% to start the week off, and this Bitcoin mining company focuses on creating greater accessibility around Bitcoin.
Coinbase Global Inc. (COIN) sells Bitcoin and other cryptocurrencies on its exchange, and it is one of the largest of its kind. The exchange platform gained 11% for Monday and was benefiting in a big way from the bullish Bitcoin.
Why Is Bitcoin Doing So Well?
Bitcoin is up right now partly due to the boost it got from Donald Trump’s assassination attempt, with the pro-Bitcoin candidate increasing his odds of winning the presidency after the incident.
Bitcoin is also benefiting from a slightly improving economy, with even the Federal Reserve looking optimistic about where inflation is moving and how consumer prices and the housing market are looking.
The impending release of ETFs is also helping Bitcoin as well as the rest of the crypto market. These will be traded starting on July 23rd and will offer investors a less risky way to gain exposure to cryptocurrency for their investment portfolios.
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