Crypto stocks are on the rise after bitcoin and ethereum surge. One of them added 20%

Shares of cryptocurrency companies are rising amid the rally of bitcoin and Ethereum, which have approached historic highs. Shares of one of them, software developer Bitmine Immersion Technologies, soared by almost 20%. The growth of optimism in the sector was helped by Donald Trump's decree allowing pension funds to invest in digital assets.

Quotes of the largest corporate holder of bitcoin Strategy during trading on August 11 rose by 3.2%. The company reported that last week it acquired another 155 bitcoins - now its assets are valued at more than $75 billion.

Shares of Coinbase, the largest publicly traded crypto exchange, added 4.4 percent, while online trading platform Robinhood, which also gives users access to cryptocurrency trades, added 1.7 percent.

Shares of Ethereum-related software developer Bitmine Immersion Technologies rose more than 20%. SharpLink Gaming, a sports betting platform also focused on Ethereum, added about 17%.

Shares of cryptocurrency-related companies are rising amid bitcoin's rally. According to CoinDesk, on August 11, bitcoin at the moment appreciated by more than 2.8% to $122,247 and approached an all-time high. The value of "ether" rose above $4300 - the highest level since December 2021.

The growth of cryptocurrencies is due to the growing interest from large investors, Bloomberg writes. According to Coingecko, so-called "digital treasuries" - public companies focused on accumulating cryptocurrencies - have already amassed a portfolio of bitcoins worth $113 billion. Companies that prefer "ether" to bitcoin have accumulated tokens worth about $13 billion, follows from data from Strategicethreserve.xyz, the agency notes.

"Bitcoin's rise to record levels is supported by steady inflows of institutional capital into corporate treasuries, U.S. spot ETFs and a change in sentiment amid new U.S. duties on gold bullion imports. Against a backdrop of tight gold supplies and political risks, bitcoin's role as a cross-border, tariff-free savings vehicle is gaining popularity among investors," said BTC Markets crypto analyst Rachel Lucas.

Shares of cryptocurrency companies could also get a boost from President Donald Trump's decision to sign an executive order on August 7 allowing cryptocurrencies to be included in 401(k) retirement plans for Americans. This was a significant development for the digital asset market: according to the Investment Company Institute, as of last September, there were $8.9 trillion in assets in such plans, Barron's writes.

This article was AI-translated and verified by a human editor