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The price of bitcoin has exploded by more than 1, percent overcapturing the attention of investors, analysts, regulators and even the general public. Regardless, there are some under-the-radar stocks that have made huge moves by riding the cryptocurrency craze.
As the price of bitcoin has skyrocketed, the prices of stocks that are even loosely tied to cryptocurrency have spiked. SRAX stock is up percent after the company announced in October that it is launching its own cryptocurrency that customers can earn by sharing data. OSTK stock has surged percent in the past three months. The company was one of the first e-commerce leaders to accept bitcoin.
Overstock announced back in August that it would be keeping half of the bitcoins it receives as an investment. Some companies are taking the opportunity to capitalize on cryptocurrency enthusiasm by completely pivoting their businesses.
The company simply mentioned that it was shifting its focus from fruit juice to financial technology. RIOTwhich owns 1, cryptocurrency mining machines and a stake in cryptocurrency exchange Coinsquare, has skyrocketed percent in the past three months.
Riot is a failed biotech company who has turned to the red-hot cryptocurrency business in hopes of a fresh start. The massive buying volume in these tiny stocks likely has as much to do with how difficult it currently is to invest in bitcoin as it does with how investors value these companies.
There are currently no bitcoin ETFs listed on major U. GBTC currently trades on the OTC Market, but demand for the fund has led to it consistently trading at around a 50 percent premium to its net asset value per share.
For traders looking to capitalize on the wild swings in are bitcoins traded on the stock market price of bitcoin, the GBTC trust and the handful of crypto-related stocks mentioned above are among the few options available for the time are bitcoins traded on the stock market. This article is provided for educational purposes only and is not considered to be a recommendation or endorsement of any trading are bitcoins traded on the stock market. The author is not affiliated with Lightspeed Trading and the content and perspective is solely attributed to the author.
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