Data shows that the closing price of cryptocurrency exchange Coinbase (COIN) was slightly higher than $141, with a 5.5% increase, and has risen 320% since the beginning of the year. Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) both saw their closing prices rise by more than 8%, with year-to-date (YTD) increases of 337% and 345%, respectively. The daily increase of cryptocurrency investment company Galaxy Digital Holdings (GLXY) was close to 12%, with a cumulative increase of 155% for the year; MicroStrategy (MSTR) saw a daily increase of over 6.5%, with a cumulative increase of 288% for the year. IG Australia market analyst Tony Sycamore said that before the approval of a spot Bitcoin ETF in the United States, investors will see cryptocurrency stocks as a way to obtain exposure to cryptocurrency risks. As Bitcoin prices rise, it will stimulate enthusiasm and increase trading volume and participation in the entire cryptocurrency ecosystem.
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Analyst: Ahead of U.S. approval of spot Bitcoin ETF, investors view crypto stocks as a way to gain crypto exposure
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