Coinbase, Hut 8 and Other Crypto Stocks Rise as Bitcoin Surpasses $27.6K

The shares of crypto exchange Coinbase (COIN) and several crypto-related companies were rising Friday as the price of bitcoin (BTC) surpassed $27,600, up over10% over the last 24 hours. BTC crossed $27,000 for the first time since the first part of June.

Coinbase shares were up close to 7%, while those of MicroStrategy (MSTR), which holds billions of dollars of bitcoin on its balance sheet, were up 7.7%. Crypto mining stocks were up significantly, as well, led by Riot Platforms (RIOT), up 12%. Shares of Hut 8 (HUT) and Hive Blockchain Technologies (HIVE) were both up 7%.

In addition, shares of bitcoin miner Marathon Digital (MARA) – which reported fourth- quarter earnings late Thursday after the report was delayed by several weeks because of an inquiry by the U.S. Securities and Exchange Commission related to accounting matters – were up close to 5%.

Marathon produced a record 1,562 bitcoins in the fourth quarter, although its earnings per share and revenue for the quarter came in short of analysts’ estimates, according to FactSet. Some of the loss was due to a $332.9 million charge related to the carrying value of mining rigs and advances to vendors.

UPDATE (March 17, 2023, 22:45 UTC): Updates bitcoin price information in headline, deck and story.