What’s Going On? By Benzinga

Benzinga – Shares of several crypto-related stocks including Coinbase Global Inc (NASDAQ: COIN), Marathon Digital Holdings Inc (NASDAQ: MARA) and MicroStrategy Inc (NASDAQ: MSTR) are trading higher Wednesday amid strength in Bitcoin (CRYPTO: BTC).

What To Know: Bitcoin is up approximately 6% over the last 24 hours and has rallied more than 32% over the last month on continued optimism surrounding a potential spot ETF. Several applicants have introduced changes to their spot Bitcoin ETF submissions over the last month, which has created some buzz in the crypto space.

The SEC on Wednesday delayed a decision on an application from Hashdex, which aims to convert its existing bitcoin futures ETF into a spot ETF. The SEC also delayed a decision on Grayscale’s new futures-based Ethereum (CRYPTO: ETH) ETF. JPMorgan and several other big firms expect the SEC to approve a spot ETF within the next few months.

Coinbase is a provider of end-to-end financial infrastructure and technology for the crypto economy. Coinbase shares were up 7.93% at $99.47 at the time of writing.

Marathon Digital is engaged in mining digital assets, particularly Bitcoin. Marathon shares were up 12.7% at $10.32 at last check.

MicroStrategy is a business intelligence, mobile software and cloud-based services company. More than anything else, it’s a bet on Bitcoin, as the firm owns a total of 158,400 bitcoin. MicroStrategy shares were up 4.82% at $503.14 at publication time.

Check This Out: Ark Invest’s Cathie Wood Says The Price Of One Bitcoin Could Rise To $1.5M

$BTC Price Action: Bitcoin was up 6.37% at $37,619 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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