Crypto stocks like Coinbase and Microstrategy soar, mirroring rally in bitcoin

Shares of Coinbase, MicroStrategy, and Riot Platforms surged on Monday as bitcoin hits a two-week high.Trump, the Republican presumptive presidential nominee, has been making increasingly bullish comments on crypto in recent months.

SAN ANSELMO, CALIFORNIA - JUNE 06: In this photo illustration, the Coinbase logo is displayed on a screen on June 06, 2023 in San Anselmo, California. The Securities And Exchange Commission has filed a lawsuit against cryptocurrency exchange Coinbase for allegedly violating securities laws by acting as an exchange, a broker and a clearing agency without registering with the Securities and Exchange Commission.

Shares of Coinbase, the largest centralized digital asset exchange in the U.S., jumped 12% to $243.27, on pace for their best day since February. Bitcoin accounted for 33% of trading volume on the platform in the first quarter, by far the biggest amount for any cryptocurrency.Microstrategy, the largest corporate holder of bitcoin, climbed 17% on Monday. The stock is up more than 150% this year.

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