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Bitcoin-Related Stocks Soar in Pre-Market Trading

As the only U.S. traded crypto exchange, Coinbase (COIN) saw a significant 4.9% increase in pre-market trading. Meanwhile, MicroStrategy (MSTR), known as the largest corporate holder of bitcoin, rose by an impressive 10%. BlackRock’s bitcoin exchange-traded fund (IBIT) also experienced a notable uptick of around 6.5%.

The CoinDesk 20 Index, which serves as a barometer for the broader crypto market, showed a positive trend, rising by 3.1% over a 24-hour period.

The upcoming halving event, scheduled for April 20, will cut the amount of bitcoin miners are paid for adding blocks to the blockchain by 50%. Post-halving, miners will receive a reduced reward of 3.125 BTC per block.

Following the news of the halving, mining-related stocks also saw gains. Marathon Digital (MARA) recorded a 5.2% increase, while Hut 8 (HUT), which recently merged with USBTC, posted a gain of 5.6%. Additionally, Argo Blockchain (ARB), a company trading on the London Stock Exchange, saw a rise of 5% in its stock value.

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