By Elsa Ohlen
Crypto-related stocks have seen big upticks this week as Bitcoin gained momentum, pushing through the psychologically important level of $100,000 for the first time in months.
The cryptocurrency held on to most of its gain early Friday -- but not all crypto stocks followed.
The largest corporate holder of Bitcoin, MicroStrategy, rose another 1.9% to $422.33 in premarket trading following a 5.6% gain Thursday.
Crypto exchange Robinhood was up 1.2% to $54.71 following a 8.2% gain Thursday.
Coinbase however, another crypto trading platform, fell 1.4% to $203.60, thereby paring back some of the 5.1% gain seen in the previous session. The company's lackluster Friday performance comes after a mixed earnings report Thursday after the bell.
While Coinbase's revenue was somewhat off expectations, earnings per share were more or less in line with consensus. Even if the report could have been better, its executives touted positive developments for the crypto industry under the Trump administration.
Vice president of investor relations Anil Gupta said Coinbase is hopeful that the president's pro-crypto stance will help the industry, Barron's reported Thursday.
Even if the crypto movement faced a setback as the Senate voted to block a stablecoin bill late Thrusday, Gupta is "confident Congress will pick this back up." Coinbase is also optimistic that the U.S. policy landscape is shifting in favor of the crypto industry, including progress on a national strategic reserve of cryptocurrencies.
Arizona approved a bill Wednesday allowing the state to keep a cryptocurrency reserve, following a similar move by New Hampshire Tuesday, fueling the optimism in the market.
If Coinbase's forecasts prove true, that would likely be a bullish sign for all things crypto -- both the price of digital coins as well as crypto-linked stocks like Coinbase, Robinhood and MicroStrategy.
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 09, 2025 05:46 ET (09:46 GMT)
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