Why Robinhood, Coinbase, and MicroStrategy Shares Skyrocketed on Wednesday
Investors have been speculating for months about the impact of the U.S. presidential election on crypto markets, and the value of both crypto and crypto-related stocks soared on Wednesday as results were finalized. Bitcoin (CRYPTO: BTC) had the biggest symbolic move, climbing 8.5% in the past 24 hours as of 10 a.m. ET, but some stocks made bigger moves.
Shares of Robinhood Markets (NASDAQ: HOOD) jumped as much as 12.2% in early trading, Coinbase Global (NASDAQ: COIN) was up a whopping 20.1%, and (NASDAQ: MSTR) was up 14.7%. Shares are up 8.6%, 15.3%, and 10.4% respectively as I'm writing around 10:30 a.m.
The move in MicroStrategy is correlated directly to Bitcoin given the company's leveraged position in the token. And CEO Michael Saylor has said he wants to continue buying Bitcoin with the company's balance sheet, so a continued move higher for Bitcoin would be good for the company.
Source Fool.com
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