As bitcoin shoots to new heights, some stocks that trade closely with the digital currency could also see their fortunes rise. Bitcoin has gained more than 32% since President-elect Donald Trump secured a second term last week. Trump indicated his support for cryptocurrencies during his campaign, which could lead to more favorable regulations for the industry. On Wednesday, bitcoin rose above the $93,000 mark for the first time and was last trading more than 3% higher.
"While we agree that the post-election setup is more conducive for crypto markets and COIN, we are more bullish longer-term and do not rule out near-term volatility as we continue to forecast a slow but steady adoption cadence around crypto subsequent regulatory clarity through the proper rulemaking channels," wrote analyst Mark McLaughlin. Cryptocurrency miner Mara Holdings also made the list, with a correlation of 82% to bitcoin.