Crypto Stocks Rally as Bitcoin (BTC) Hits One-Month High

Crypto stocks moved higher after Bitcoin climbed above the $73,000 level, reaching its highest price in about a month. The recovery for the largest cryptocurrency improved sentiment across digital asset markets despite ongoing geopolitical tensions in the Middle East.

Crypto Stocks Gain as CRCL and MSTR Track BTC Rally

Several major crypto stocks rose during today’s trading session as crypto prices rallied. Coinbase (COIN) had gained 12.70% in the previous week before the recent rally in crypto stocks. Currently, the stock is trading at around $209, up about 15%, according to TradingView data.

Ark Invest increased its holdings in crypto stocks amid the recent weakness in the market. It purchased about $4 million worth of Coinbase stocks and about $12 million worth of Robinhood stocks on Tuesday. 

These purchases came at a time when markets were responding to the uncertainty caused by recent geopolitical tensions in the Middle East. Despite this recent rally in crypto stocks, the COIN stock is still down about 31.79% in the past six months.

Strategy Inc. (MSTR) is another stock that benefited from the recent rally in crypto stocks. This is thanks to the company’s Bitcoin exposure, ranking as the largest public BTC treasury. Strategy Inc. currently holds 713,502 BTC at a cost basis of about $54.26 billion.

The MSTR stock had gained about 9.24% in the previous week before the recent rally in crypto. In the recent session, the MSTR stock gained about 11.50% as the crypto market rallied.

CRCL, BMNR, and HOOD Rise as Crypto Extends Rally

Another stock that registered impressive gains during the crypto stock price rally is Circle’s stock. The stock currently trades at $102.10 and has gained 2.51% as of today. The stock, however, touched a high of $103.17 on Tuesday and registered the best performance in the past four months.

As CoinGape reported, the CRCL stock extended its gains from last week after beating earnings estimates for the fourth quarter of last year. The stablecoin issuer reported earnings per share of $0.43, beating the consensus estimate of $0.35. The company also reported revenues of $770 million for the quarter.

Ethereum treasury Bitmine’s BMNR is also among the crypto stocks that have recorded significant gains today. The stock is up over 9% today, according to TradingView data. The gains were registered as the Ethereum price touched a high of over $2,100. ETH is up over 7% today. 

Robinhood’s stock is also up, ranking among the largest gainers today. The HOOD stock currently trades at around $82.38 and has registered gains of 8.31% as of today.