Robinhood Markets (HOOD) shares surged 5.09% in pre-market trading on Friday, marking a significant upward movement for the crypto-trading platform.

The pre-market rally comes as shares of crypto-linked companies rose broadly following Bitcoin's price rebound. Bitcoin bounced from a 16-month low after testing the key $60,000 level, with the world's largest cryptocurrency climbing 4.5% to $65,683, which fueled gains across the crypto sector.

Robinhood, as a prominent platform for cryptocurrency trading, benefited from this sector-wide momentum as investor sentiment showed tentative signs of improvement following recent volatility in technology stocks and digital assets.