MicroStrategy, Robinhood, and Coinbase Stocks Jump as Bitcoin Crosses $100,000 — Barrons.com

By Mackenzie Tatananni and Elsa OhlenCryptocurrency-linked stocks rallied along with the price of Bitcoin on Thursday after President Donald Trump said the U.S. had reached a "breakthrough" trade deal with the U.K.Cryptocurrency exchanges Robinhood Markets and Coinbase Global followed the price of Bitcoin higher as the digital currency traded at $100,649, crossing $100,000 for the first time since February. Robinhood rose 8.6% and Coinbase gained 6.1%.Company-specific news also was giving Coinbase a lift. The trading platform said it had agreed to a $2.9 billion deal to acquire Deribit, a crypto exchange focused on Bitcoin and Ether futures and options.The deal is expected to close by the end of the year, Coinbase said. The news comes ahead of the company's first-quarter earning report, which is slated for after the bell Thursday.MicroStrategy, the largest corporate holder of Bitcoin, gained 6.6%. Block, a financial-technology company that also holds Bitcoin for investment purposes, rose 5.3%.The rally intensified as the broader market rose on signs of easing trade tensions. Speaking from the Oval Office on Thursday, Trump said the U.S. had reached a "tremendous trade deal" with the U.K.While British Prime Minister Keir Starmer indicated the parties had to "finish ironing out some of the details," Trump said the agreement would provide billions of dollars in access for U.S. exports, specifically agricultural products.The deal is the first of its kind since Trump announced sweeping reciprocal tariffs on April 2, or so-called Liberation Day. The bulk of the tariffs were paused for 90 days shortly after the announcement.Treasury Secretary Scott Bessent also is set to meet Chinese counterparts in Switzerland this week to discuss economic and trade matters.Companies such as Tesla and GameStop have also dabbled in crypto investments. In the last quarter of 2024, Tesla reported a boost to its profits due to a gain in digital assets — however, some of those gains reversed in the last reported quarter as the value of the assets fell.Shares of Tesla and GameStop were up 4.7% and 2.7%, respectively. The benchmark S&P 500 rose 1.3%.Write to Mackenzie Tatananni at [email protected] and 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.