These Bitcoin-Fueled Stocks Could See Higher Highs

Keep an eye on Coinbase (COIN), we noted on July 5.

At the time, COIN traded at around $77 with news out the CBOE was working with Coinbase to launch a spot Bitcoin ETF. In fact, according to Reuters, the CBOE “refilled an application with the U.S. Securities and Exchange Commission (SEC) to launch a bitcoin exchange-traded fund by asset manager Fidelity. In that filing it named Coinbase as the crypto platform that would help the exchange police manipulation in the ETF.”

Today, COIN is up to $88.50 – and still running.

Helping, Bitcoin is showing big signs of life with talk of a potential ETF, on institutional interest, and as respected industry names predict substantial runs.

For one, “$30 trillion worth of capital could suddenly unlock for the Bitcoin market if a Bitcoin spot ETF is approved by the U.S. Securities and Exchange Commission, according to Bloomberg ETF analyst Eric Balchunas, as quoted by CoinTelegraph. “That is the estimated amount of assets controlled by financial advisors in the U.S., who would be willing to get exposure to Bitcoin through a regulated exchange-traded fund.”

Standard Chartered even boosted its 2024 BTC prediction to $120,000.

Not only is that good news for investors in Bitcoin and Coinbase, it’s also great news for investors in mining stocks, and in companies with heavy investments in BTC.

Look at Riot Blockchain (RIOT), for example. Since mid-June, the mining stock ran from about $10 to $17.17. Marathon Digital (MARA) ran from about $9 to $17.06. Even MicroStrategy (MSTR) ran from about $275 to $404.92 in recent weeks.

All could push even higher as long as Bitcoin can push higher. However, be cautious. Many of these stocks have become technically stretched in overbought territory. The last thing you want to do is give up hard earned gains should we see an overdue correction.