As the price of Bitcoin and Ethereum rose today, shares of companies traded on Wall Street with exposure to cryptocurrencies also rose.
Among cryptocurrency prices, Polygon’s MATIC led the charge, rising 22% on the day, according to data from CoinMarketCap. At the time of writing, Ethereum had climbed 10.5% in the past 24 hours to nearly $1,500, posting weekly gains of over 30%, while Bitcoin rose just over 4.5% above $22,000.
It’s a notable shift in what has otherwise been a grim bear market for investors and traders. Bitcoin and Ethereum are each down nearly 70% from their all-time highs as deteriorating macro conditions and the threat of a recession have shredded investment appetite in risky assets. Today, that appetite seems to have reawakened, if only temporarily.
For publicly traded Marathon Digital Holdings, Inc. – a digital asset technology firm specializing in cryptocurrency mining – the upward pressure on digital asset prices has driven its stock price up by 22% to $9.82 from $8.83 as trading volume more than tripled its daily average, according to data from Nasdaq.
Coinbase shares jumped 9% on the day to around $59, according to Nasdaqdespite a internal messaging recently emailed influencers regarding its affiliate marketing program, which the company says is ending tomorrow due to the digital asset price bear market.
According to data from CoinMarketCap.
The company is one of many involved in crypto currently facing financial headwinds amid falling prices for most digital assets. Of those listed on the stock exchange, the two Robin Hood and Coinbase announced layoffs this year, with Coinbase dropping 18% of its employees last month.
MicroStrategy Incorporated, which holds 129,699 Bitcoins, jumped up to $246.55 before dropping to around $227 as the software maker saw its stock price rise 6% on the day. According to a recent Tweeter from company CEO Michael Saylor, the company has spent nearly $4 billion to build up its Bitcoin reserve.
Bitcoin mining company Bit Digital, Inc. saw an increase as its share price rose nearly 5% to 1.70, according to Nasdaq.
Riot Blockchain, which also focuses on Bitcoin Mining, saw its actions 12% increase at $6.24 at the time of writing, although the company recently suspended its operations in Texas amid a heat wave and sold more Bitcoins than it produced in May.
Traders were less bullish on Block Inc., formerly known as Square, as shares of the San Francisco-based payment solutions company increased just above 1% the day at $66.81.
The stock trading platform that allows its users to invest in cryptocurrencies, Robinhood Markets, Inc., similarly increased by 2% at $8.60 on below average volume.
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