Crypto stocks advance after US SEC approves spot bitcoin ETFs

Silvergate Capital

11/01/2024 14:42

(Updates)
    ** Shares of cryptocurrency and blockchain-related companies
advance after U.S. securities regulator on Wednesday approved
the first U.S.-listed exchange traded funds (ETFs) to track
bitcoin
    ** Bitcoin  BTC= , the world's biggest cryptocurrency, gains
4.5% at $48,032 hovering near a 21-month high, while Ether
 ETH=  rises 4.1% to $2,631.8
    ** Crypto exchange Coinbase Global  COIN.O  advances 3.9%,
while Blockchain farm operator Bitfarms Ltd  BITF.O  up 8.3%
    ** Crypto miners: Riot Platforms Inc  RIOT.O  Marathon
Digital  MARA.O , U.S.-listed shares of Hut 8  HUT.O  and Bit
Digital  BTBT.O  up 6.6% - 9.7%    
    ** Software firm and BTC buyer MicroStrategy  MSTR.O  gains
5.8% 
    ** BTC mining machine makers Ebang International  EBON.O 
and Canaan Inc  CAN.O  up 12.6% and 13.3%, respectively  
    ** ProShares Bitcoin Strategy ETF  BITO.K  adds 4.2%,
U.S.-based bitcoin ATM operator Bitcoin Depot  BTM.O  jumps
11.0%
    ** Trading app operator Robinhood Markets  HOOD.O  gains
1.2%
        ** "The long-term impact of increased adoption on the
crypto ecosystem and financial system remains to be seen ...
although the ETF approval marks a new chapter for Bitcoin
prices, volatility is expected," Deutsche Bank analysts noted
  
    ** BTC rose more than 150% on yearly-basis in 2023; it is up
14.6% YTD

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))