Bitcoin's first-time surpassing $100,000 propels crypto stocks upward, with MicroStrategy leading the charge.

Bitcoin's first-time surpassing $100,000 propels crypto stocks upward, with MicroStrategy leading the charge.
Bitcoin's first-time surpassing $100,000 propels crypto stocks upward, with MicroStrategy leading the charge.

The price of Bitcoin surpassed $100,000 for the first time overnight, causing cryptocurrency-related stocks to rise in premarket trading on Thursday.

While 6.1% surged, 4.3% climbed, and 3.5% each added around 6% and 4%, respectively.

Since 2020, MicroStrategy has been purchasing bitcoin, causing the stock's value to increase. The company's stock has risen more than 2,700% since then.

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As of Wednesday's close, MicroStrategy has surged 542.8%, Robinhood has gained more than 200%, and Coinbase has nearly doubled. In contrast, Mara Holdings has only experienced a 10.5% increase.

After President-elect Donald Trump won the Nov. 5 election, investors became optimistic about bitcoin due to the anticipation of a more lenient regulatory climate.

JPMorgan's research note on Wednesday revealed that investors have also invested in leveraged MicroStrategy ETFs, which amplify potential gains of an underlying index by holding debt, making them a higher-risk investment fund.

In November, almost a third of the $11bn inflow into overall crypto funds came from leveraged MicroStrategy ETFs, according to strategist Nikolaos Panigirtzoglou in a note.

by Hakyung Kim

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