MicroStrategy, Coinbase, Other Crypto Stocks Rise. What's Behind the Rally. — Barrons.com
By George GloverCrypto stocks were racking up gains ahead of Monday's opening bell, boosted by a Bitcoin price surge and a slew of positive regulatory developments.Shares in MicroStrategy — the largest corporate Bitcoin holder — were up 4.6% to $413.48 in premarket trading. The business intelligence company currently owns 628,791 Bitcoins, and often announces new purchases on Mondays.The company has spent $46 billion on its Bitcoin holding, which is now valued at more than $76 billion, as of Monday's price.Major crypto exchange Coinbase Global jumped 5.1%, and online trading platform Robinhood Markets was up 2.1%. Futures tracking the S&P 500 were flat.Bitcoin was on course to extend a recent rally, with a 2.8% jump over the past 24 hours putting it on the brink of an all-time high.The stocks could also be benefiting from pro-crypto policies coming out of Washington. President Donald Trump on Thursday signed an executive order on Thursday that will open up Americans' 401(k) plans to cryptocurrencies. It's a massive win for digital assets: According to the Investment Company Institute, 401(k)s held $8.9 trillion in assets as of September last year.Shares in MicroStrategy and Coinbase have jumped 201% and 62% respectively over the past year. The S&P 500 is up about 20% over the same period.Write to George Glover 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.