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Crypto Stocks Rally Pre-Market as Bitcoin Tops $46K

Bitcoin climbed over $46,000 for the first time in nearly a month early Friday, extending its gain for the week to nearly 10%.

By Jamie Crawley
AccessTimeIconFeb 9, 2024 at 11:01 a.m. UTC
Updated Mar 8, 2024 at 9:21 p.m. UTC
16:9 Stock market rally (sergeitokmakov/Pixabay)
(sergeitokmakov/Pixabay)
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  • Crypto stocks such as COIN, MSTR and mining firms CLSK, RIOT and MARA all ticked upward in pre-market trading on Friday.
  • Bitcoin surpassed $46,000 for the first time in nearly a month during the Asian morning.
  • Mining firm CleanSpark led the way, up nearly 20%, also thanks to positive results for Q3 2023 announced Thursday.

Cryptocurrency-related publicly traded companies showed healthy gains in pre-market trading on Friday as bitcoin {{BTC}} extended its rally, topping $46,000 for the first time in nearly a month and boosting its advance for the week to almost 10%.

Bitcoin has added just over 4% in the last 24 hours, while the CoinDesk 20 Index, which measures the overall performance of the digital asset market, rose around 2.6%.

Bitcoin miner CleanSpark (CLSK) led the way, climbing almost 20% as of 10:15 UTC. The company reported fiscal first-quarter profit of $25.9 million on Thursday compared with a $29 million loss the year before.

Riot Platforms (RIOT) and Marathon Digital Holdings (MARA) also rallied, adding 7% and 8% respectively. Mining stocks are a recommended entry point for bitcoin exposure ahead of the forthcoming halving, in which the reward miners earn for new coins is cut by 50%, broker Bernstein said. The firm picked out CLSK and RIOT as its preferred stocks in a research report on Thursday.

Cryptocurrency exchange Coinbase (COIN) and software company MicroStrategy (MSTR), which holds around 190,000 BTC on its balance sheet, both showed gains in the region of 5%. BlackRock's bitcoin exchange-traded fund (IBIT), the first of the new spot BTC ETFs to reach $2 billion in assets, added around 2.75%.

Read More: Bitcoin ETFs (Ex-GBTC) Now Hold More BTC Than MicroStrategy

Edited by Sheldon Reback.



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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley
Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

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