• Crypto stocks have been rising as the price of Bitcoin (BTC) surpasses $27,600.
• Coinbase (COIN), MicroStrategy (MSTR), Riot Platforms (RIOT), Hut 8 (HUT) and Hive Blockchain Technologies (HIVE) are among those with notable gains.
• Marathon Digital (MARA) reported record production of 1,562 BTC in the fourth quarter, but reported lower than expected earnings due to a $332.9 million charge related to mining rigs and vendor advances.
Crypto Market Sees Gains
The crypto market is seeing some notable gains on Friday as Bitcoin’s price surpassed $27,000 for the first time since early June. The surge has resulted in many crypto stocks experiencing positive movement, including Coinbase, MicroStrategy, Riot Platforms, Hut 8 and Hive Blockchain Technologies.
Coinbase Shares Rise
The shares of crypto exchange Coinbase have seen an increase of nearly 7% while those of MicroStrategy – which holds billions of dollars worth of Bitcoin on its balance sheet – rose by 7.7%. Crypto-mining stocks also experienced a surge in value with Riot Platforms leading the pack at 12%. Hut 8 and Hive Blockchain Technologies saw respective gains of 7%.
Marathon Digital Reports Earnings
Marathon Digital reported its fourth-quarter earnings late Thursday after a delay due to an inquiry from the US Securities and Exchange Commission related to accounting matters. Despite recording a record amount of 1,562 BTC during this period, Marathon Digital saw their earnings per share and revenue come up short from analyst estimates because of a $332.9 million charge related to mining rigs and vendor advances. Their share prices still saw a 5% increase despite less favourable results than anticipated.
Bitcoin Price Surges
The surge in Bitcoin’s price has seen it jump more than 10% over the last 24 hours with its current price standing at around $27,900 at the time this article was written making it one of the biggest single day surges since 2017 when BTC hit its all-time high near $20K USD per coin.
Conclusion
It appears that despite some companies not achieving their desired results there is still strong investor confidence in the crypto space which has caused several crypto stocks to rise notably alongside bitcoin’s own price surge – something that could be indicative of future growth potential within this sector going forward.