Crypto-Linked Stocks Are Moving Thursday: What's Going On?

The crypto market is getting a lift on Thursday after the Securities and Exchange Commission cleared the way for multiple spot Bitcoin BTC/USD ETFs to begin trading. Several crypto-related stocks are moving alongside the broader crypto space. Here’s a look at what you need to know.

What To Know: The SEC approved rule changes on Wednesday that set the stage for 11 bitcoin ETFs to begin trading in the U.S. on Thursday.

The approved applications include Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, Bitwise Bitcoin ETF, VanEck Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund, among others.

"The Commission finds good cause, pursuant to Section 19(b)(2) of the Exchange Act, to approve the Proposals on an accelerated basis," the SEC said.

The accelerated approval comes after the SEC delayed its decision multiple times, asking for changes to be made to applications. The long-awaited approval is now helping boost the broader crypto space, including several crypto-linked stocks.

Bitcoin was up more than 5% at last check, while Ethereum ETH/USD and Dogecoin DOGE/USD were both up more than 11%. Following bitcoin ETF approval, many are starting to look ahead to a potential Ethereum ETF and exchange-traded products for other popular cryptos.

Several crypto-related stocks are moving higher alongside the crypto market Thursday. Bitcoin miners Marathon Digital Holdings MARA and Riot Platforms Inc RIOT were both up more than 3% at last check. MicroStrategy Inc MSTR was up nearly 5% and Coinbase Global Inc COIN and Robinhood Markets Inc HOOD were both up about 2.5% at publication time.

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Photo: Eivind Pedersen from Pixabay.