Crypto stocks immediately rallied, following Bitcoin hitting a new all-time high (ATH) on May 21.
MicroStrategy (MSTR), rebranded to Strategy, jumped a modest 1% since the day's open to $423.22 within minutes of BTC hitting new record high. Founder and executive chairman Michael Saylor wrote on X , "If you’re not buying bitcoin at the all-time high, you’re leaving money on the table."
Saylor's enthusiasm is understandable, given the firm is the largest corporate Bitcoin holder in the world that holds 576,230 BTC on its balance sheet.
Metaplanet (OTC: MTPLF), Japan's largest corporate holder of Bitcoin, also rose 60% since the day's open to $16. The firm that holds 7,800 BTC appointed President Donald Trump's son Eric to its board of advisors in March.
Coinbase (Nasdaq: COIN), the largest stock exchange in the U.S., jumped 3% to $270 within minutes. Coinbase recently became the first crypto exchange to join the S&P 500 .
Robinhood (Nasdaq: HOOD), a California-based trading exchange offering cryptocurrencies, stocks, etc., rose 4% to $66.87 within minutes of BTC hitting the new high.
The crypto mining stocks didn't lag behind either.
MARA Holdings (Nasdaq: MARA), a prominent crypto mining firm headquartered in Florida, soared 6% to $17.2 within minutes.
Hut 8 (Nasdaq: HUT), another crypto mining firm headquartered in Florida, rose 7% to $17.81.
Riot Platforms (Nasdaq: RIOT), a Colorado-headquartered crypto mining firm, jumped 5% to $9.32.
CleanSpark (Nasdaq: CLSK), a Nevada-headquartered crypto mining firm, also rose 12% to $10.78.
Singapore-headquartered crypto mining firm Bitdeer Technologies (Nasdaq: BTDR) rose 8% to $16.23.
As per Kraken's price feed , BTC was trading at $109,767.52 at the time of writing.
Kraken’s global economist, Thomas Perfumo, told TheStreet Roundtable, “Recovering equity markets, heavyweight ETF flows and the ever-present corporate demand together create a feedback loop that is propelling Bitcoin higher."