Crypto-Related Stocks Are Moving On Bitcoin ETF Approval: The Details
Portfolio Pulse from Adam Eckert
The SEC has approved several spot Bitcoin ETF applications, including those from Grayscale, Bitwise, Hashdex, iShares, Valkyrie, ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity Wise Origin, and Franklin. This decision has led to volatility in crypto markets and mixed reactions in crypto-related stocks. Bitcoin miners Marathon Digital Holdings and Riot Platforms saw initial drops but stabilized, while Coinbase and MicroStrategy traded slightly higher.
January 10, 2024 | 10:23 pm
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POSITIVE IMPACT
Coinbase Global Inc shares traded narrowly higher after the SEC approved several Bitcoin ETFs.
Coinbase's slight increase in share price suggests a positive short-term impact, likely due to the company's association with the broader crypto market which may benefit from the ETF approvals.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 80
POSITIVE IMPACT
MicroStrategy Inc shares saw a slight increase following the SEC's approval of Bitcoin ETFs.
MicroStrategy's stock price increase, albeit small, indicates a positive short-term impact, potentially due to the company's significant Bitcoin holdings and the positive sentiment around the ETF approvals.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 80
NEUTRAL IMPACT
Marathon Digital Holdings initially fell but recovered to trade flat after the SEC's Bitcoin ETF approval.
Marathon Digital Holdings' initial drop suggests a knee-jerk reaction to the SEC's approval, but the quick recovery to flat trading indicates a neutral short-term impact.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Riot Platforms Inc experienced a sharp decline following the SEC's Bitcoin ETF approval but returned to approximately flat trading levels.
Riot Platforms' stock mirrored Marathon's with an initial drop and subsequent stabilization, indicating a neutral short-term impact from the SEC's decision.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70