May 30, 2024

Michael Saylor, the executive chairman and co-founder of MicroStrategy.

Michael Saylor, the executive chairman and co-founder of MicroStrategy.
Photo: Marco Bello (Reuters)

Cryptocurrency-related stocks surged on Monday afternoon after Bitcoin underwent a successful “halving” over the weekend. As of right now, Bitcoin is trading at a solid $66,000, following the modest rise it experienced post-halving.

MicroStrategy may buy more Bitcoin

MicroStrategy jumped over 12% to $1,310 in the afternoon. The business intelligence company, co-founded by Bitcoin-maximalist Michael Saylor, holds 174,530 Bitcoin worth $4.6 billion and is expected to buy more soon.

Saylor, a former dot-com entrepreneur who once lost $6 billion in a single day, recently made a post on X urging people to embrace Bitcoin. The post included a picture of a young girl standing next to a human-like robot with the word “Bitcoin” inscribed on it.

Coinbase soars as USDC grows

Other than the Bitcoin halving event, Coinbase is also soaring because of the increasing market capitalization of stablecoin USD Coin or USDC. USD Coin is a stablecoin co-created by Coinbase and is a source of revenue for the company. In November 2023, the market cap of USDC was $24 billion, and has now reached $34 billion, according to CoinMarketCap.

The Bitcoin halving surged shares of Coinbase over 5% to $222 on Monday afternoon. In the past 12 months, Coinbase stock has risen 300% and is up 28% year to date. Coinbase holds 9,181 Bitcoin worth $207 million.

Stocks of mining companies make double-digit jumps

Due to the successful Bitcoin halving, mining companies’ stock also soared by double digits on Monday afternoon. Riot platform, which holds 7,329 Bitcoin, has gained over 16%, and Hut 8 Corp, which holds 9,366 Bitcoin, has gained over 12%. HIVE Digital Technologies and Bitfarms also saw bullish trends, both up 5%.

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