By Elsa Ohlen
Crypto-related stocks rose early Thursday while stock futures were trading largely flat, after the world's largest cryptocurrency Bitcoin hit a record high.
Crypto exchanges Coinbase Global and Robinhood rose 2.8% and 1.4% in premarket trading, respectively.
Coinbase, the U.S. largest exchange for trading digital assets, was the top performer in the S&P 500 in the Thursday premarket after becoming the first crypto company to be included in the benchmark index earlier this month.
MicroStrategy, the largest corporate holder of Bitcoin, rose 1.6% while Block, a fintech that also holds Bitcoin for investment purposes gained 0.4%.
Bitcoin was trading in uncharted territory and hovering around $110,000 Thursday morning, above its previous record of $109,000.
Early Thursday gains for crypto-related stocks are likely due to broader market moves.
On Wednesday, Bitcoin's strength seemed overshadowed by a wider stock market slump as weak demand for a sale of 20-year U.S. government bonds Wednesday rattled investors.
Crypto-related stocks fell while the S&P 500 closed down 1.6% and the Nasdaq Composite ended the day 1.4% lower, but both crypto stocks and stock-index futures recouped some of those losses early Thursday.
Write to Elsa Ohlen at elsa.ohlen@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
May 22, 2025 07:24 ET (11:24 GMT)
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