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Bitcoin price surge brings BTC-related stocks to new multi-week highs

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The Bitcoin (BTC) price surge on Monday has now catapulted Bitcoin-related stocks to surge to new highs with the likes of Coinbase and Microstrategy posting new multi-week highs.

Bitcoin mining stocks saw significant gains amid the BTC price momentum with the likes of United States-listed Riot Blockchain recording an 11.69% surge followed by Marathon Digital Holdings at a 14.6% increase. Another factor that played a key role in the mining stocks surge is the upcoming halving event that will cut the Bitcoin mining reward from 6.25 BTC to 3.125 BTC per block.

Marathon Digital stock price chart. Source: TradingView

Bitcoin mining stocks not only outperformed Bitcoin in terms of daily price rally but also in terms of year-to-date gains. Cipher Mining Inc. has seen an increase of 356% YTD compared to Bitcoin’s 86% YTD gains. Similarly, Riot Platforms has registered a 163.10% YTD growth whereas Northern Data AG, a GPU miner with headquarters in Frankfurt, has grown by 291.40%. Hut 8 Mining Corp, Iris Energy, Bitfarms, Marathon Digital and Hive Technologies have all registered more than 100% growth this year.

Apart from public Bitcoin mining companies, other Bitcoin-centred public firms such as Coinbase and MicroStrategy also posted multi-week highs. Coinbase’s stocks were up by 3.42% at publishing time while the largest Bitcoin-holding public firm MicroStrategy recorded a 9% surge on the daily charts.

Related: How high can Bitcoin price go by 2024?

MicroStrategy’s Bitcoins holding is back in the green for the third time this year. The profit on BTC holdings comes after being down as much as -50% during the bear market. MicroStrategy currently holds 158,245 BTC bought at an investment of $4.68 billion at an average price of $29,582. The public company’s investment is currently worth $5.5 billion, leading to nearly $1 billion in unrealized gains.

MicroStrategy stock price chart. Source: TradingView

The Bitcoin price breached the $35,000 mark on Oct. 23 with a double-digit surge taking the price to a one-year high before retracing below $33,000. Earlier today, BTC price surged another 5% and currently trading above $34,500.

Magazine: Asia Express: PEX staff flee event as scandal hits, Mt. Gox woes, Diners Club crypto

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