- Bitcoin maintains momentum above $100K, driving crypto-focused stock gains across markets.
- Corporate Bitcoin adoption expands as infrastructure companies embrace direct digital asset holdings.
Bitcoin [BTC] is once again gaining bullish momentum after briefly retreating to the $100K level following its recent peak of $111K.
Bitcoin’s current dynamic
On the 9th of June, the flagship cryptocurrency rebounded from $105K to $107K, and as of press time, it was trading at $109,689.78, marking a 2.04% increase over the past 24 hours, according to CoinMarketCap.
This renewed upward trend in Bitcoin’s price has had a ripple effect across U.S. crypto-linked equities.
The country’s top four crypto mining firms, along with several leading digital asset companies, ended 10th June with modest gains and continued their positive movement in after-hours trading.
Impact on crypto stocks
Starting with Nasdaq’s newest listing, stablecoin issuer Circle Internet Group (CRCL), which led the charge with a 7% jump during regular trading hours, further extended its ascent by 2.2% in after-hours trading to reach $117.79.
Additionally, crypto mining companies also enjoyed a bullish day.
For instance, Core Scientific Inc. (CORZ) climbed 4.27% and added another 0.87% after the bell, while competitors CleanSpark Inc. (CLSK) and MARA Holdings Inc. (MARA) both rose over 3% with an additional 1% gain post-market close.
Riot Platforms Inc. (RIOT) also participated in the rally, advancing 2.74% and seeing a 1.2% after-hours increase.
Needless to say, Bitcoin accumulation leader MicroStrategy Inc. (MSTR) wasn’t left behind, appreciating 4.71% before tacking on over 1% to hit $396.61.
Not everyone shared the bullish momentum
In contrast to this widespread positive momentum, crypto and stock trading platform Robinhood Markets Inc. (HOOD) faced a downturn, dipping nearly 2% to $73.40.
However, it now seems to be reverting from bearish to bullish.
This decline followed the S&P Dow Jones Indices’ decision on 6th June to maintain the S&P 500’s current composition, disappointing market expectations that Robinhood would be included in the index’s quarterly rebalancing.
For the uninitiated, this move is typically associated with a boost in share price for newly added companies.
Given the sustained interest and positive performance across various crypto-related enterprises, the trend of companies integrating Bitcoin into their financial strategies appears to be gaining further traction.
What’s more?
Joining this growing confidence, Bitcoin mining equipment rental firm BitMine Immersion Technologies, Inc. (BMNR) recently made its inaugural purchase of 100 BTC.
This strategic acquisition, intended for its reserves, closely followed a successful share offering on the 4th of June that aimed to raise $18 million, underscoring a clear commitment to Bitcoin as a valuable asset.
This move by BMNR, alongside the broader market’s bullish activity, suggests that more companies may increasingly consider Bitcoin as a viable component of their treasury management in the evolving digital economy.
