Bitcoin’s ascent to new record highs, exceeding $118,500, has catalyzed significant gains across the crypto-linked equities and exchange-traded fund (ETF) landscape.
This rally, fueled by accelerating institutional adoption and positive market sentiment, saw crypto exchange Coinbase surge 9% over five trading sessions. Leading the institutional charge, BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), surpassed the notable milestone of $80 billion in assets under management.
Major Bitcoin miners also capitalized on the bullish momentum. MARA Holdings led the pack with a 12% gain, followed by CleanSpark with an 8% increase, and Riot Platforms advancing 7%.
Investor interest broadened beyond Bitcoin. The iShares Ethereum Trust (ETHA), a crypto-focused ETF, surged more than 17% over the same period, indicating robust appetite for diversified exposure to digital assets.
Reflecting confidence in the sector’s prospects, financial analysts contributed to the positive tone. Both Bernstein and Benchmark issued bullish ratings on Coinbase in recent days, citing strong optimism for the exchange’s future growth potential amid the expanding crypto market.