Listed firms that deal in cryptocurrencies or have exposure to them saw a field of green in global markets Wednesday, ahead of the muchanticipated direct listing of crypto exchange Coinbase on the Nasdaq. For instance, MicroStrategy, the data intelligence firm that has added huge amounts of bitcoin to its balance sheet saw its shares up 18.5 over the past few days, tracing a 7.8 jump Tuesday morning that mirrored bitcoins rise.
The emergence of bitcoin proxy stocks in recent months has created a cottage industry among investors who want cryptos upside but dont or cant hold crypto itself. Indeed, JPMorgan filed to launch a Cryptocurrency Exposure Basket in March. The need for backdoor access to bitcoin is only heightened in the U.S., where the Securities and Exchange Commission has been extremely reticent to approve a bitcoin exchangetraded fund ETF.
Also up in global trading was Coloradobased bitcoin mining company Riot Blockchain NASDAQ RIOT, which saw a 15 increase; and Canaan NASDAQ CAN, another mining firm that saw an 11 bump over the past 24 hours. Bitcoin, the leading cryptocurrency by market capitalization, was near alltime highs above 64,000 at press time.
Coinbase NASDAQ COIN, whose fortunes are closely wedded to the price of bitcoin, was slapped with a reference price of 250 ahead of Wednesdays listing somewhat lower than trading on private markets in the weeks running up to its debut. Coinbase coming to market is a rising tide for all crypto players, said…