Why Crypto-Related Stocks Coinbase, Marathon Digital And Riot Platforms Are Rising

Several crypto-related stocks including Coinbase Global Inc COIN, Marathon Digital Holdings Inc MARA and Riot Platforms Inc RIOT are rising Wednesday amid a surge in the crypto market, led by moves in Bitcoin BTC/USD and Ethereum ETH/USD.

The crypto market is getting a boost from multiple positive developments including the launch of a new exchange, EDX Markets, which is backed by some big players in the finance world including Charles Schwab, Fidelity and Citadel Securities. 

The EDX Markets launch comes just days after BlackRock filed an application for what would be the first spot Bitcoin ETF in the U.S, which many believe has a good chance of getting approved. 

Tuesday on CNBC's "Fast Money Halftime Report," Ritholtz Wealth Management's Josh Brown said BlackRock is "pretty much undefeated" when it comes to filing new ETF applications. 

"It would be very weird for them to file something just to get, you know, smacked back like the other 30 firms that have filed so either they know something or they want to make a point in getting rejected," Brown said.

Related Link: Bitcoin, Ethereum Set To Rally? Josh Brown Says Crypto Has Entered 'New Phase' As Institutional Investors Look To Jump In

Coinbase is a provider of end-to-end financial infrastructure and technology for the crypto economy. The stock was up 2.82% at $58.66 at last check. 

Marathon Digital is engaged in mining digital assets. The stock was up 4.36% at $12.23 at publication time. 

Riot Blockchain is focused on building, supporting and operating blockchain technologies. Shares were up 3.38% at $11.63 Wednesday morning.

$BTC, $ETH Price Action: At publication time, Bitcoin was up 7.86% over a 24-hour period at $29,019 and Ethereum was up 5.84% at $1,835, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.