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Crypto Stock Index Soars by 700% as Bitcoin’s Price Increases

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Crypto adoption has benefited the business operations of corporate companies that include crypto assets in their balance sheet. A recent analysis by 10x Research reveals a surge in the stock prices of various publicly traded firms that invest in cryptocurrencies.

According to the research, the index tracking these stocks, tagged as the “Crypto Stocks Index,” has seen a 700% increase in recent weeks.

Crypto Stocks Capture Much Attention

10X Research mentioned the stock of various companies that have committed to frequent Bitcoin acquisitions. Some include Strategy (MSTR), MARA Holdings (MARA), Riot Platforms (RIOT), Galaxy Digital (GLXY), Coinbase (COIN), and Robinhood (HOOD).

Since business intelligence firm Strategy began buying BTC, many investors have flocked to its stock, MSTR. Even institutional clients avoiding direct exposure to bitcoin accumulated MSTR, in hopes that BTC price volatilities will reflect on Strategy’s stock. As Strategy buys more BTC, more investors are interested in buying its common stock. Following its latest purchase announced on June 30th, the company holds 597,325 BTC. At press time, MSTR sold for $403.99, representing a 39% surge year-to-date.

Despite declaring losses in its monthly mining output, Bitcoin mining company MARA Holdings saw a 16.7% increase in its stock price within the past five days, rising to $17.66 at the time of writing.

Coinbase, on the other hand, has seen a significant 38.9% price surge in its stock, COIN, over the past month. This brings its current trading price to $355.8. Drivers behind this surge include the crypto exchange’s recent acquisitions and the introduction of new crypto-focused products.

Since it went public last month, stablecoin issuer Circle has also seen a significant surge in the price of its stock, CRCL. At the time of writing, it sold above $188, representing a 75.2% increase. This price increase comes despite the downgrade from JPMorgan.

BTC Nears All-Time High

Past reports show that crypto stock prices often move in par with bitcoin’s price movement. As BTC’s price traded above the $100,000 price mark, it has had an impact on the crypto stock index metric.

At the time of writing, bitcoin was selling for $107,700, representing a 2.17% surge over the past month.

The post Crypto Stock Index Soars by 700% as Bitcoin’s Price Increases appeared first on Cointab.

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