Bitcoin's Record Prices Lift Coinbase, Robinhood, Other Crypto Stocks — Barrons.com

Elsa OhlenCrypto-related stocks rose early Thursday while stock futures were trading largely flat, after the world's largest cryptocurrency Bitcoin hit a record high.Crypto exchanges Coinbase Global and Robinhood Markets rose 2.6% and 1.8% in early trading, respectively.Coinbase, the U.S. largest exchange for trading digital assets, was the top performer in the S&P 500 in the Thursday premarket after becoming the first crypto company to be included in the benchmark index earlier this month.MicroStrategy, the largest corporate holder of Bitcoin, rose 2.6% while Block, a fintech that also holds Bitcoin for investment purposes gained 4.5%.Bitcoin was trading in uncharted territory and hovering around $111,000 Thursday morning, above its previous record of $109,000.Early Thursday gains for crypto-related stocks are likely due to broader market moves.On Wednesday, Bitcoin's strength seemed overshadowed by a wider stock market slump as weak demand for a sale of 20-year U.S. government bonds Wednesday rattled investors.Crypto-related stocks fell while the S&P 500 closed down 1.6% and the Nasdaq Composite ended the day 1.4% lower, but both crypto stocks and stock-index futures recouped some of those losses early Thursday.Write to Elsa Ohlen at [email protected] 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.