Crypto Stocks MicroStrategy, Coinbase and Marathon Post Just Modest Gains as Bitcoin Eyes Record High

Election 2024 coverage presented by
Bitcoin’s (BTC) rise to new multi-month highs near the $72,000 level and within short range of its March record of $73,700 is providing just a modest boost to most of the crypto-related stocks during U.S. morning trading hours on Tuesday.
The top cryptocurrency was trading at $71,700 at press time, up 4.3% over the last 24 hours.
Read more: Bitcoin Surges Above $71K as Wild Crypto Market Pump Sees $175M in Shorts Liquidated
Bitcoin’s performance was buoyed by the U.S.-based spot ETFs taking in $417 million in inflows on Monday, per Farside Investors data. BlackRock’s iShares Bitcoin Trust (IBIT) was responsible for $315 million of these inflows, bringing its total assets under management to $28 billion. IBIT is up 3.1% today.
Perhaps having discounted some of the bitcoin rally with strong gains over recent days, crypto stocks for the most part aren’t posting major advances thus far on Tuesday. Most notably, MicroStrategy (MSTR) – which has vastly outperformed bitcoin prices in recent months – is up just 0.9% for the session. Crypto exchange Coinbase (COIN) is up 1.2%. Checking miners, MARA Holdings (MARA) is ahead 1.4%, Riot Platforms (RIOT) 3% and Hut 8 (HUT) 3%.
Outperforming in the miner sector is Bitfarms (BITF) with a 5.3% advance, perhaps boosted on news that the firm nominated Andrew Chang, a former chief operating officer of stablecoin issuer Paxos, for election to its board of directors. The nomination could have an impact on the resolution of a hostile takeover bid from Riot Platforms, per TheMinerMag.
Edited by Stephen Alpher.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
Tom Carreras is a markets reporter for CoinDesk. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.