Bitcoin-related stocks reach fresh multiweek highs as a result of a jump in price.

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On October 24, MicroStrategy, the publicly-traded company that boasts the largest Bitcoin holdings, witnessed its unrealized gains from Bitcoin investments nearing the $1 billion milestone, as its stock surged by nearly 9%.

The surge in the price of Bitcoin on Monday sent shockwaves through the market, propelling stocks connected to Bitcoin to unprecedented heights. Notable entities like Coinbase and MicroStrategy recorded fresh multiweek highs.

Amid the momentum in Bitcoin’s price, stocks associated with Bitcoin mining registered substantial gains. Riot Blockchain, a United States-listed company, saw its value soar by 11.69%, while Marathon Digital Holdings recorded an impressive 14.6% increase. The forthcoming Bitcoin halving event, set to reduce the mining reward from 6.25 BTC to 3.125 BTC per block, likely played a role in the price upswing.

Intriguingly, Bitcoin mining stocks didn’t just outperform Bitcoin in the recent price rally, but also in year-to-date (YTD) gains. Cipher Mining, for instance, witnessed an astonishing 356% YTD increase, outpacing Bitcoin’s 86% YTD gains. Similarly, Riot Platforms displayed a robust 163.10% YTD increase, and Northern Data, a general processing unit miner headquartered in Frankfurt, Germany, experienced an impressive 291.40% surge. Other companies such as Hut 8 Mining, Iris Energy, Bitfarms, Marathon Digital, and Hive Technologies all achieved growth exceeding 100% in 2023.

Beyond Bitcoin mining firms, other companies with a focus on Bitcoin, such as Coinbase and MicroStrategy, also celebrated multiweek highs. Coinbase’s stock witnessed a 3.42% increase at the time of this writing, while MicroStrategy, the company holding the most Bitcoin, saw a remarkable 9% surge on the daily charts.

MicroStrategy’s Bitcoin holdings are once again in the green for the third time in 2023. This profit comes after enduring a steep decline of up to -50% during the bear market. As of now, MicroStrategy holds a substantial 158,245 BTC, acquired for $4.68 billion at an average price of $29,582. The company’s investment is currently valued at $5.5 billion, translating to nearly $1 billion in unrealized gains.

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