Shares of crypto-related stocks are trading higher after Bitcoin reached an all-time high.
Portfolio Pulse from Benzinga Newsdesk
Crypto-related stocks such as CLSK, COIN, MARA, MSTR, and RIOT are trading higher following Bitcoin's surge to an all-time high.
March 11, 2024 | 10:38 am
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POSITIVE IMPACT
CleanSpark's stock is trading higher in response to Bitcoin's all-time high.
As a company involved in Bitcoin mining, CleanSpark's financial performance is closely tied to the price of Bitcoin. The cryptocurrency's all-time high suggests increased profitability for CLSK.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Coinbase's stock is experiencing an uptick following Bitcoin's record price.
Coinbase, as a leading cryptocurrency exchange, benefits directly from increased trading volumes and interest in cryptocurrencies, especially when Bitcoin hits new highs.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Marathon Digital Holdings' stock is on the rise, buoyed by Bitcoin's peak.
Marathon Digital Holdings, being a Bitcoin mining company, stands to gain from the increased value of Bitcoin, as it directly impacts their mining revenue.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
MicroStrategy's stock is trading higher, propelled by Bitcoin's all-time high.
MicroStrategy, having a significant portion of its treasury in Bitcoin, benefits from any increase in Bitcoin's price, making its stock more attractive.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Riot Blockchain's stock is advancing in response to Bitcoin's historic high.
Riot Blockchain's operations in cryptocurrency mining mean that the company's profitability is directly influenced by the price of Bitcoin, hence the positive impact on its stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80