Coinbase’s stock price soars as bitcoin trades above $34K

Mining stocks were particularly improved after a pretty brutal summer that chipped away at their share prices


Beto Chagas/Shutterstock modified by Blockworks


US crypto-related stocks soared Tuesday morning, echoing bitcoin’s price move above $35,000 earlier in the day. 

Coinbase led the pack, with its stock trading more than 14% in the green as of the time of writing. MicroStrategy, the top US corporate holder of bitcoin, climbed around 13%. 

Block, which sells bitcoin via Cash App, is up roughly 4.8% as of the time of writing.  

Share prices for bitcoin mining companies are also rebounding after high temperatures this summer pushed many of them to slow their operations. 

CleanSpark shot up roughly 18% on Tuesday, with Marathon Digital advancing as much as 20%. Hut 8, a particularly beleaguered miner, increased just over 10% after the stock market opened. 

Speculation about bitcoin spot ETFs in recent days has been a strong catalyst that has sent the world’s largest digital asset skyrocketing to yearly heights.

Much of that came from news about BlackRock’s planned bitcoin ETF on Monday, which added to the litany of headlines fueling the upward pressure on bitcoin.

Bitcoin (BTC) was trading at around $31,000 when Grayscale cemented its win over the SEC in the DC Circuit Court of Appeals. In August, Grayscale was granted a petition for review to convert its Bitcoin Trust into an ETF.  

Le Shi, head of trading at Auros, also told Blockworks that the crypto market received an “indirect boost” from the SEC dropping the lawsuit against the Ripple founders last week. 

At press time, the price of bitcoin is trading at around $34,300 on Coinbase.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders


Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume


DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit


The Boston Globe reports that lawyer John Deaton is weighing a possible bid