Benzinga - Crypto-related stocks including Coinbase Global Inc (NYSE: COIN) and MicroStrategy Inc (NASDAQ: MSTR) are trading higher Tuesday as Bitcoin (CRYPTO: BTC) continues to rise on spot ETF optimism.
What To Know: Bitcoin is up nearly 13% over the last 24 hours and more than 22% over the last week, as the world's largest cryptocurrency rides momentum surrounding a potential spot ETF. A spot ETF is expected to fuel demand and increase liquidity and is seen as bullish for the broader crypto space.
BlackRock and multiple other major U.S. financial firms recently made changes to their pending applications for spot Bitcoin ETFs. BlackRock’s iShares Bitcoin Trust is now featured on the Depository Trust and Clearing Corporation (DTCC) website and Grayscale recently submitted an S-3 filing with the SEC as part of its ongoing push to transition its Bitcoin trust into a spot Bitcoin ETF.
JPMorgan recently said the SEC is likely to approve a spot ETF within the next few months and optimism continues to climb.
Coinbase is the leading cryptocurrency exchange platform in the United States. The company is focused on building a more accessible, efficient and transparent financial system enabled by crypto. Coinbase shares were up nearly 8% at last check.
Coinbase is set to release its third-quarter financial results after the close on Nov. 2. According to estimates from Benzinga Pro, Coinbase is expected to report a loss of 53 cents per share and revenue of $654.076 million.
MicroStrategy is a business intelligence, mobile software and cloud-based services company, but more than anything else, it's a bet on Bitcoin. As of the end of last quarter, MicroStrategy held 152,800 Bitcoin. The company is due to report third-quarter earnings on Nov. 1. Shares were up more than 8.5% at publication time.
See Also: Bitcoin, Ethereum, Dogecoin Spike As $65M In Shorts Liquidated In A Single Day: Analyst Believes Major Bull Run Could Catapult King Crypto To New Yearly High
$BTC Price Action: Bitcoin was trading around $34,513 at the time of writing, according to Benzinga Pro.
Photo: Miloslav Hamřík from Pixabay.
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