Crypto Stocks Jump; Canaan up 12%; Coinbase up 6%; Strategy, IREN up 5%
Crypto stocks jumped in Friday trading.
Canaan rose 12%; Bit Origin rose 10%; Coinbase rose 6%; Strategy, IREN rose 5%; BMNR rose 4%; Circle up 3%.
Coinbase Global, Inc. beat analysts' estimates for third-quarter profit on Thursday, as heightened volatility in digital assets boosted trading volumes at the cryptocurrency exchange, sending its shares up.
Digital assets rallied in July as crypto-friendly policies by U.S. President Donald Trump attracted institutional investor interest, catapulting bitcoin, the world's largest cryptocurrency, to new peaks.
Strategy posted a profit in the third quarter, compared with a loss a year earlier, as improving sentiment around the cryptocurrency sector benefited the largest corporate holder of bitcoin, sending its shares up.
Until the fourth quarter of 2024, Strategy could only record impairment losses when bitcoin's value fell below its purchase price, while gains from price increases remained unrealized unless the cryptocurrency was sold.
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