Bitcoin-related companies, funds rise as the crypto approaches new record high

By Frances Yue

Bitcoin-related stocks and funds rose on Tuesday, as the cryptocurrency's price climbed above $57,000 to the highest level seen since it hit an all-time high in November 2021.

The largest crypto (BTCUSD) is trading just 17% off of its record high of $68,990 reached 27 months ago, according to CoinDesk data.

Read: Bitcoin is less than 20% away from its record high. Here's what's driving its latest rally.

Crypto exchange Coinbase Global Inc.'s shares (COIN) were up 2.5% Tuesday afternoon to about $198.91, according to FactSet data. MicroStrategy Inc. (MSTR), one of the largest publicly traded holders of bitcoin, saw its stock up 11% to $884.32.

All 10 listed spot bitcoin ETFs were also trading up Tuesday afternoon. BlackRock's iShares Bitcoin Trust IBIT gained 5.5% to $32.84, while Grayscale Bitcoin Trust GBTC rose 5.3% to $51.20, according to FactSet data. The ARK 21Shares Bitcoin ETF ARKB increased 5.3% to $57.42, and the VanEck Bitcoin Trust HODL climbed 5.5% to $65.12.

The Fidelity Wise Origin Bitcoin Fund FBTC gained 5.2% to $50.19; the WisdomTree Bitcoin Fund BTCW added 5.2% to $61.03; the Franklin Bitcoin ETF EZBC advanced 5.5% to $33.40; and the Valkyrie Bitcoin Fund BRRR rose 5.2% to $16.26.

The Bitwise Bitcoin ETF BITB climbed 4.8% to $31.18, and the Invesco Galaxy Bitcoin ETF BTCO advanced 5% to $57.27.

Bitcoin miners were seeing mixed performance on Tuesday. Marathon Digital Holdings Inc. (MARA) rose 3.6% to $30.19 on Tuesday, while Ebang International Holdings Inc. (EBON) dipped 0.1% to $10.44. Riot Platforms Inc. (RIOT) fell 3.3% to $16.80, according to FactSet data.

-Frances Yue

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

02-27-24 1542ET

Copyright (c) 2024 Dow Jones & Company, Inc.