Coinbase and MicroStrategy stock prices soared 9% ahead of market open as Bitcoin (BTC) surged 4% in the past 24 hours, extending year-to-date gains to more than 150%. It skyrocketed recently.

Traders view the two companies as alternative investments in the crypto asset (virtual currency) market due to their close ties to Bitcoin.

Coinbase is one of the largest crypto asset exchanges in terms of trading volume, and one of the few listed crypto asset companies in the United States. The company, which has historically maintained a regulatory stance, is the custodian of several Bitcoin spot exchange-traded funds (ETFs) that have been filed in the country.

Coinbase stock last week reached its highest price since April 2022, closing Friday at $133, increasing its year-to-date return by more than 200%.

Meanwhile, business software company MicroStrategy is the largest Bitcoin holder with 174,000 BTC. The value of the BTC he owns is currently equivalent to more than 88% of MicroStrategy’s stock market capitalization of $8.2 billion (approximately 1.23 trillion yen, exchanged at 1 dollar = 150 yen).

MicroStrategy traded at $574 in early trading on Monday, reaching levels previously seen in April 2022.

Bitcoin has soared recently amid optimism that U.S. regulators will approve a BTC exchange-traded fund (ETF), a move that some experts believe will make investing in the leading cryptocurrency more likely. I think there will be a flood of people.

In pre-market trading, crypto miners Marathon Digital and Riot soared more than 10%, while Hut 8 soared nearly 450%.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Coinbase, MicroStrategy Jump in Premarket Trading as Bitcoin Rallies