Coinbase, MicroStrategy & Co: Rally Alert for Crypto Stocks

The rally in Bitcoin and Co enters the next round on Monday with significant gains. It also gives a tailwind to the shares in companies related to the crypto market – while, as expected, weak quarterly numbers are taking a back seat in many places. DER AKTIONÄR reveals the current top winners among crypto stocks.

While Bitcoin regained the $24,000 mark on Monday with price gains of around four percent, some crypto stocks registered even more significant gains.

Marathon Digital: 200 percent in just over four weeks

US mining company Marathon Digital Holdings shares, for example, start the week more than ten percent higher at around 15.61 in US trade. Starting from the low of the year, which was first marked in early July at $5.20, the price has already tripled within a few weeks.

Even after this sprint, the price is still well below the multi-year high of $83.45 at the end of 2021. The publication of 2. the quarterly figures are also on the agenda this evening after the US stock market closes. However, these are likely to be heavily influenced by the crypto slide of recent months.

Marathon Digital Holdings Inc
(WKN: A2QQBE)

Galaxy Digital: price jump after big quarterly loss

However, Galaxy Digital stock is impressively proving that even weak quarterly numbers cannot slow down the current recovery. Although the crypto bank founded by former Goldman Sachs partner Micheal Novogratz reported a 203 percent jump in quarterly loss to $555 million before trading, the stock jumped more than 15 percent at times in early U.S. trading.

Starting from the correction low of $3.49 marked in early July, the price has almost doubled again. With a look at the annual chart and the violent crash of recent months, which pushed the stock down 90 percent from its low, it has hardly been noticeable so far.

GALAXY DIGITAL HOLDINGS LTD. REGISTERED SHARES ON
(WKN: A2JRV8)

Coinbase: Talk Up

Coinbase shares also continued their gains from the previous week in a friendly overall market on Monday, rising up to ten percent in early trading on Wall Street. Except for a brief detour last Thursday, it is trading above $100 for the first time since early May — and about 150 percent above its mid-May record low.

The news of a partnership with BlackRock, the world’s largest asset manager, is sure to have an impact. On Tuesday night (August 9), Coinbase will also have Q2 numbers on its agenda, which are likely to be bad due to the crash in the crypto market.

MicroStrategy: New CEO Joins Today

Shares in software group MicroStrategy, which has mutated into a Bitcoin holding company, also rose sharply on Monday. The change at the top of the company, first announced last week, will take effect here on Monday: Founder Michael Saylor will hand over the post of CEO to President Phong Le and will primarily take care of the company’s Bitcoin strategy as Executive Chairman going forward .

This had already triggered a price jump in the previous week, and in a friendly environment for crypto and tech stocks, it provided further tailwinds at the beginning of the week. At current levels, the stock is about 150 percent above the mid-May correction low. However, the 52-week high from early November 2021 is still about 160 percent short.

Micro strategy
(WKN: 722713)

Recovery rally and short squeeze in full swing

The shares of companies related to the crypto market suffered above average losses during the correction in Bitcoin and Co. In the noticeably brighter market environment, the catch-up potential is now correspondingly large. In addition, many crypto stocks have now been hit by short sellers – who are now forced to close their positions. This provides further upward momentum.

Looking at the yearly charts, many crypto stocks still have further upside potential. As long as the positive sentiment in the crypto market and the overall market continues, further price gains are possible. Nevertheless, investors should be aware of the huge volatility and speculate on a continuation of the upswing with similarly manageable bets. High risk!

Notice of conflicts of interest:

CEO and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that may benefit from any price development resulting from the publication: Bitcoin, Galaxy Digital .

The editor-in-chief of the publisher Börsenmedien AG, Mr. Leon Müller, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that may benefit from any price development resulting from the publication: Bitcoin.

The author has direct positions in the following financial instruments mentioned in the publication or related derivatives that may benefit from any price development resulting from the publication: Bitcoin.

Shares or derivatives discussed / mentioned in this article are placed in the “AKTIONÄR depository” of DER AKTIONÄR.

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