Crypto Stocks Jump as Bitcoin, Ethereum and XRP Hit Multi-Week Highs

In brief

• Bitcoin climbed above $94,000 on onday, reaching its highest price in 30 days while Ethereum and XRP also posted gains.
• Major crypto stocks rallied with Coinbase jumping 8% and Robinhood rising about 7% on Monday.
• Bitcoin miners Iris Energy and Hut 8 surged over 13% on multibillion-dollar AI deals with Microsoft and Google.

As Bitcoin rose above $94,000 on Monday to the highest price seen in the past 30 days, crypto stocks jumped, too. Bitcoin traded as high as $94,634 on Monday and was recently trading for $94,103 after rising more than 3% over the last 24 hours, according to crypto price aggregator CoinGecko. Monday’s high was just north of the 30-day peak it saw on December 9. Meanwhile, Ethereum reached $3,253, which is still short of its 1-month high. In the past day, ETH has gained over 3%, recently trading at $3,241. And XRP has gained a staggering 11% in the past day, recently trading for $2.34—its highest price since November. Crypto exchange Coinbase gained nearly 8% in the past day, as of the close of markets. The company, which trades on the Nasdaq under the COIN ticker, finished the day changing hands for just under $255. The San Francisco-based exchange launched a giveaway earlier today, promising one lucky trader 1 Bitcoin and a trip for two to Melbourne for “the ultimate Aston Martin F1 experience.”

 Meanwhile, trading platform Robinhood gained almost 7% in the past day. Its shares, which trade on the Nasdaq under the HOOD ticker, changing hands for $123 at closing. The company has been leaning heavily on its prediction market offerings, using X to promote its contracts on which movie will win an Oscar for best picture and which artist will headline the Lollapalooze festival in Chicago. Coinbase and Robinhood are two of the crypto stock category heavyweights with market capitalizations of about $69 billion and $111 billion, respectively. The Monday stock gains were more pronounced for smaller firms, like Bitcoin miners Iris Energy and Hut 8—but not necessarily because of their mining activity. Iris Energy, which trades under the IREN ticker, jumped 13% on Monday to $48.24. The company inked a $9.7 billion deal with Microsoft in November, which it said puts it on track to provide “200MW of critical IT load” to the tech giant by the end of 2026.

And Hut 8, which trades under the HUT symbol, saw its shares reach $58.25 by Monday’s markets close, after climbing 13.6%. The firm recently inked a $7 billion, Google-backed AI deal. The agreement sees the company acquire a new data center. The firm’s deal also includes up to 15 years of renewal options that can take the contract value to $17.7 billion. Other crypto stocks showing sizable gains on the day include crypto exchange Gemini (up 7%), top Ethereum treasury firm BitMine Immersion Technologies (up 7%), and leading Bitcoin treasury firm Strategy (rising almost 5%).