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The Bitcoin (
$91,400.00 ) (BTC) price surge on Monday has now catapulted Bitcoin ( $91,400.00 ) -related stocks to surge to new highs with the likes of Coinbase and Microstrategy posting new multi-week highs.
Bitcoin ( $91,400.00 ) mining stocks saw significant gains amid the BTC price momentum with the likes of United States-listed Riot Blockchain recording an 11.69% surge followed by Marathon Digital Holdings at a 14.6% increase. Another factor that played a key role in the mining stocks surge is the upcoming halving event that will cut the Bitcoin ( $91,400.00 ) mining reward from 6.25 BTC to 3.125 BTC per block.
Marathon Digital stock price chart. Source: TradingView
Bitcoin ( $91,400.00 ) mining stocks not only outperformed Bitcoin ( $91,400.00 ) in terms of daily price rally but also in terms of year-to-date gains. Cipher Mining Inc. has seen an increase of 356% YTD compared to Bitcoin ( $91,400.00 ) ’s 86% YTD gains. Similarly, Riot Platforms has registered a 163.10% YTD growth whereas Northern Data AG, a GPU miner with headquarters in Frankfurt, has grown by 291.40%. Hut 8 Mining Corp, Iris Energy, Bitfarms, Marathon Digital and Hive Technologies have all registered more than 100% growth this year.
Apart from public Bitcoin ( $91,400.00 ) mining companies, other Bitcoin ( $91,400.00 ) -centred public firms such as Coinbase and MicroStrategy also posted multi-week highs. Coinbase’s stocks were up by 3.42% at publishing time while the largest Bitcoin ( $91,400.00 ) -holding public firm MicroStrategy recorded a 9% surge on the daily charts.
Related: How high can Bitcoin ( $91,400.00 ) price go by 2024?
MicroStrategy’s Bitcoin ( $91,400.00 ) s holding is back in the green for the third time this year. The profit on BTC holdings comes after being down as much as -50% during the bear market. MicroStrategy currently holds 158,245 BTC bought at an investment of $4.68 billion at an average price of $29,582. The public company’s investment is currently worth $5.5 billion, leading to nearly $1 billion in unrealized gains.
MicroStrategy stock price chart. Source: TradingView
The Bitcoin ( $91,400.00 ) price breached the $35,000 mark on Oct. 23 with a double-digit surge taking the price to a one-year high before retracing below $33,000. Earlier today, BTC price surged another 5% and currently trading above $34,500.
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