Crypto-adjacent stocks rally as bitcoin and ethereum bounce

Bit Digital,

02/12/2025 15:42

** Shares of cryptocurrency and blockchain-related firms jump early Tues, as bitcoin and ethereum bounce back

** Bitcoin, world's largest cryptocurrency, fell >5% on Mon and extended recent steep losses as investors shunned risk assets

** Bitcoin BTC= up 4.9% at $90,658.57 on Tues; Ether ETH= rises 6.2% to $2,964.34

** Shares of crypto exchange Coinbase Global COIN.O rise 4% on the session, while blockchain farm operator Bitfarms BITF.O up 4%

** BTC hoarder Strategy MSTR.O, formerly known as MicroStrategy, rallies about 6% on Tues

** On Mon, MSTR shares tumbled as much as 12% before closing down about 3% after co slashed its annual earnings targets due to the crypto slide, and said it set up a $1.4 bln reserve to support dividend payments

** Retail trading platform Robinhood HOOD.O, which typically takes its cues from moves in the crypto market, up about 3%

** Crypto miners rise: Riot Platforms RIOT.O 2.5%, Mara Holdings MARA.O 5%, CleanSpark CLSK.O 3%,  Bit Digital BTBT.O nearly 4%

** Ether-linked names lift: BTCS BTCS.O 6%,
Bitmine Immersion Technologies BMNR.A 9% and Sharplink Gaming SBET.O 6%

** ProShares Bitcoin Strategy ETF BITO.P and iShares Bitcoin Trust ETF IBIT.O both up around 5%, while ishares Ethereum Trust ETF ETHA.O leaps 8%

** With moves on the session, BTC off about 4% YTD and ETH down about 11%

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com ; 1-646-279-6380))