Crypto Stocks COIN, Metaplanet, HOOD, Soar as Fresh Momentum Fuels Market Surge

Key Takeaways

• Crypto-focused stocks recorded their best monthly performance. 
• Coinbase, MicroStrategy, and Robinhood were some of the many companies that posted gains.
• Bitcoin mining companies also recorded new monthly highs.

The crypto market’s bullish resurgence over the past week has had a ripple effect on Wall Street, sending shares of crypto-focused companies soaring.

Coinbase (COIN), Metaplanet (3350.T), Grayscale, Robinhood, and others saw their stock prices spike as investors regained confidence in the sector following a brutal sell-off earlier in the month.

Crypto Stocks Follow Bitcoin Price Action

In lockstep with Bitcoin’s Monday night rally , crypto-focused stocks worldwide recorded their best monthly performance on Oct. 14, with several industry heavyweights notching notable gains.

Among the biggest winners was Coinbase Global , the first publicly traded crypto exchange in the US, which saw its stock price skyrocket 11% in a single day to reach a seven-week high of $197. The rally marked a dramatic turnaround from the start of the day when shares opened at $181.

Coinbase Global stock. Source: Google

Coinbase’s stock surge was mirrored by J apan-based Metaplanet Inc. , an asset management firm that recently pivoted to crypto investments. Metaplanet’s shares soared 15%, rising from 955 yen to 1,105 yen, as the firm continued to load up on Bitcoin.

Metaplanet stock. Source: Google

In the past 15 days, Metaplanet has snapped up over 300 BTC, more than a third of its total Bitcoin holdings. The aggressive buying spree likely contributed to the stock’s dramatic upswing.

Meanwhile, other crypto-focused companies also got in on the action.

Meanwhile, Robinhood’s stock edged up 3%. Most Bitcoin ETF tickers, including Grayscale (GBT), Bitwise (BITB), Invesco (BTCO), and BlackRock (IBIT), also notched gains of at least 4%.

The ETFs saw a significant influx of capital on Monday, with investors pouring in nearly $500 million, the largest inflows since July.

However, not all crypto-focused stocks posted gains. MicroStrategy’s MSTR, despite being known for outpacing every S&P 500 company since 2020, bucked the trend with a 5% decline on Monday.

Bitcoin Mining Stocks Touch New Highs

Apart from traditional crypto companies piggybacking on Bitcoin’s success, many mining companies also saw double-digit growth on Oct. 14.

Singapore-headquartered Bitfufu led the charge, with its stock price surging 15% to take the top spot among mining companies.

CleanSpark , a US-based Bitcoin miner, followed close behind, notching a 13% gain in the aftermath of the BTC rally.

Iris Energy, an Australian Bitcoin mining outfit, took the third spot, with its stock price climbing 10.22% as investors bet on the sector’s continued growth.

Mara (formerly Marathon Digital) also got in on the action, with a 5% jump, while Hut 8 Mining saw its shares jump 3.35%.

Bitcoin mining stocks. Source: Companies market cap.

As the Bitcoin mining industry continues to benefit from the cryptocurrency’s upward trajectory, many of these companies are poised to extend their gains if the BTC price pushes new highs.

With most mining companies already recording significant gains in October, the sector’s bullish momentum shows no signs of slowing down, at least, not yet.