By Elsa Ohlen
Crypto-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 rose 2.8% and 1.4% in premarket 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 1.6% while Block, a fintech that also holds Bitcoin for investment purposes gained 0.4%.
Bitcoin was trading in uncharted territory and hovering around $110,000 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 elsa.ohlen@barrons.com
This 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.
(END) Dow Jones Newswires
May 22, 2025 07:24 ET (11:24 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.