Crypto stocks surge: Coinbase up 69%, MicroStrategy up 74% since lows
The share price of cryptocurrency exchange Coinbase has surged by 69% since its all time lows and other crypto-related stocks including business intelligence firm MicroStrategy have recorded similar jumps with green candles all around since the start of 2023.
The share price of Coinbase fell as low as $31.95 on Jan. 6, before shooting up to $54.14 by the close of trading on Jan. 17.
The rising share price will likely be accompanied by a huge sigh of relief for Coinbase executives after a challenging 2022 saw it cut 20% of its workforce and decide to wind down its Japanese operations. Despite the surge, COIN remains more than 84% below its all time high.
Other crypto-related stocks such as MicroStrategy and digital payments company Block Inc. have also posted strong gains in the new year.
MicroStrategy's share price has increased to nearly $236 from a low of just over $135 on Dec. 29 — representing an increase of over 74% — while Jack Dorsey’s Block has seen its share price increase by a muted but still respectable 27%, after rebounding from a low of under $59 on Dec. 28 to over $75.
The rebound has been even more dramatic for crypto mining stocks. Bitfarms and Marathon Digital Holdings recorded surges of 140% and 120% respectively throughout the first two weeks of the year.
Crypto exchange-traded funds (ETFs) also rebounded to a lesser degree with Valkyrie Bitcoin Miners ETF (WGMI) more than doubling its price from a low of just over $4 on Dec. 28 to over $8.
The ProShares Bitcoin Strategy ETF (BITO) jumped from over $10 on Dec. 28 to a current price of around $13 — increasing by just under a third.
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