Why Bitcoin- And Ethereum-Related Stocks Are Rising Today

Shares of several cryptocurrency-related companies, including Coinbase Global, Inc. COIN, Marathon Digital Holdings, Inc. MARA and Riot Blockchain, Inc. RIOT, are trading higher in sympathy with the price of Bitcoin BTC/USD and Ethereum ETH/USD.

Daiwa Capital also upgraded Coinbase from an Outperform rating to a Buy rating and maintained a $100 price target.

Coinbase is a provider of end-to-end financial infrastructure and technology for the crypto-economy. The stock was up 5.7% at about $77.26 at publication time.

Marathon Digital is focused on mining digital assets. It owns cryptocurrency mining machines and a data center to mine digital assets. Shares were up 6.8% at about $14.20 at publication time.

Riot Blockchain is focused on building, supporting and operating blockchain technologies. The stock was up 8.6% at about $8.10 at publication time.

BTC, ETH Price Action: At publication time, Bitcoin was up 9.8% at about $21,210 and Ethereum was up 5.4% at about $1,730.