Pre-Market Trading in U.S. Crypto Stocks Explodes, With MicroStrategy Topping $300

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Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR), Riot Platforms (RIOT), Semler Scientific (SMLR) and Marathon Digital Holdings (MARA).
Bitcoin (BTC), the leading token by market capitalization, surpassed $82,000 for the first time in its history over the weekend, spurring price gains in U.S. crypto equities before the official start of trading.
MicroStrategy, the publicly traded company holding the largest amount of bitcoin, 252,200 BTC, rallied 11% to more than $300 a share. Copycat Semler Scientific surged 25% and is approaching a high for the year. Crypto exchange Coinbase added almost 17%.
MARA (MARA) is leading gains among miners, up almost 20%. The positive price action is helped by the bitcoin held on its balance sheet, which is 26,842 BTC, a level surpassed only MicroStrategy.
Other notable miner performances include Riot Platforms (RIOT), IREN (IREN) and HIVE Digital Technologies (HIVE), all up double digits.
In addition, on Nov. 8, CleanSpark (CLSK) addressed the trading halt that occurred on Nov. 7 due to a clerical warrant conversion error, with the company’s acquisition of GRIID on Oct. 30.
“An issue relating to the calculation of the number of outstanding warrants (Nasdaq: CLSKW) (the “Warrants”) and the number of shares underlying those Warrants. The trading halt is not the result of any issue associated with CleanSpark’s business, operations, filings with the SEC, financial statements or securities,” the fir, said.
UPDATE (Nov. 11, 12:37 UTC): Adds detail on CleanSpark trading halt.
Edited by Sheldon Reback.
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As the senior analyst at CoinDesk, James specializes in Bitcoin and the macro environment. His previous role as a research analyst at Swiss hedge fund Saidler & Co. introduced him to on-chain analytics. He monitors ETFs, spot and futures volumes, and flows to understand Bitcoin.