Crypto-linked stocks surge double digits amid Bitcoin rebound, though all remain sharply lower year-to-date.
Shares of MicroStrategy (MSTR), Bitmine Immersion Technologies (BMNR), and Coinbase (COIN) jumped 13%, 13%, and 11%, respectively, as Bitcoin (BTC) climbed above $68,000 for the first time in months. MSTR rose to $104.72, BMNR to $20.63, and COIN to $162.88 in midday trading Wednesday.
The rally marks the sharpest one-day gain for these stocks this summer, though all three remain down roughly 35%-39% for the year. Goldman Sachs increased its MSTR stake to $555 million, even as MicroStrategy sold Bitcoin to fund preferred dividends. Meanwhile, Bitmine’s chairman holds 4.8% of Ethereum’s circulating supply.
The SEC’s proposed “Regulation Crypto Assets” framework, despite legislative delays, may have contributed to the sector’s volatility. The gains reflect short-covering rather than a confirmed trend reversal, analysts noted.