Crypto-tied US companies gained alongside Bitcoin on Monday, as public firms continued to scoop up the cryptocurrency.
US crypto-linked stocks rose alongside Bitcoin to close the Monday trading day at a gain as more publicly traded firms added the asset to their treasuries.
The country’s four biggest crypto miners and some of its major crypto firms all closed at slight gains on June 10, extending gains after-hours.
Nasdaq newcomer and stablecoin issuer Circle Internet Group (CRCL) shares jumped 7% on the day, with a further 2.2% rise after-hours to $117.79. Crypto miner Core Scientific Inc.
(CORZ) closed up 4.27% with a 0.87% bump after the bell while rivals CleanSpark Inc. (CLSK) and MARA Holdings Inc. (MARA) both climbed over 3% and jumped another 1% after-hours.
Riot Platforms Inc. (RIOT) gained 2.74% with a 1.2% after-hours bump.
The gains come as Bitcoin
BTC
$109,133
climbed 4% over the last day to $110,150, heading back toward its May 22 peak of $112,000 as market jitters mostly subsided amid the US and China holding trade talks in the UK.
Meanwhile, the Bitcoin-buying giant MicroStrategy Inc. (MSTR) gained 4.71% before bumping more than 1% to $396.61.
Robinhood sinks after missing out on the S&P 500
Crypto and stock trading platform Robinhood Markets Inc. (HOOD) was the rare exception to the broad uptrend, sinking by nearly 2% to $73.40 after S&P Dow Jones Indices didn’t change the S&P 500’s membership on Friday.
The market was speculating that Robinhood would be added to the group, which tracks the 500 largest public companies in the US and is typically a share price boon for those included,
but S&P Dow Jones made no changes to the index as part of its quarterly rebalancing.
In comparison, rival trading platform eToro Group Ltd. (ETOR), which went public less than a month ago, surged over 10.5% and continued to rise 2.4% after hours to $77.79, while crypto exchange Coinbase Global Inc. (COIN) had a modest 2% gain to $256.63.
Public companies continue scooping Bitcoin
Bitcoin’s rally this year has sparked a wave of public firms buying up the cryptocurrency in the hopes of boosting share prices.
The latest company to join the trend was Bitcoin mining equipment rental firm BitMine Immersion Technologies, Inc. (BMNR), which said on Monday that it bought 100 BTC for the first time to hold in reserve after a Wednesday share offering that targeted an $18 million raise.
Some companies that announced Bitcoin-buying plans have seen their share prices jump, but BitMine closed Monday trading down nearly 8.7%, which slightly rebounded by 5.2% after hours to $7.25.
Meanwhile, shares in energy-management firm KULR Technology Group, Inc. (KULR) rose 4.2% after it said on Monday that it bought another $13 million worth of Bitcoin, bringing its total holdings to 920 Bitcoin at an average purchase price of $98,760 per coin.