Field of green! This little bull run that Bitcoin is on is having a positive effect on crypto stocks, with share prices of many a company involved in the space seeing green.
These are listed firms that deal in cryptocurrencies, or companies that have exposure to them.
Many of these organizations saw their prices go up substantially in global markets on Wednesday, after Bitcoin charted a new high and investors eagerly awaited the IPO of the year as Coinbase made its public debut on Nasdaq via a direct listing.
For instance, MicroStrategy, the data intelligence firm that has added huge amounts of Bitcoin to its balance sheet. The company saw its shares up 18.5% over the past few days.
It even traced a jump of 7.8% on Tuesday morning that mirrored the rise of Bitcoin.
Likewise, Colorado based Bitcoin mining company Riot Blockchain is also up in global trading, and saw a solid 15% increase. Another mining firm Canaan witnessed a 11% bump over the past 24 hours.
This emergence of what are called Bitcoin proxy stocks in recent months has created a cottage industry among investors that want in on the upsides of crypto, but don’t want to or can’t hold cryptocurrencies themselves.
Indeed, this is the reason why JPMorgan filed to launch a Cryptocurrency Exposure Basket in March.
This need for backdoor access to Bitcoin is only heightened in the United States where the Securities and Exchange Commission has been extremely reticent to approve a Bitcoin exchange traded fund, unlike neighbor Canada who is already in on Bitcoin ETF action for some time.
What a time to be alive!
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