Bitcoin Soars Past $85K, Ether Tops $2.75K, Boosting Crypto Stocks

Bitcoin surpassed $85K and ether reached $2.75K on Monday, boosting crypto stocks across the board.

The surge in cryptocurrency prices prompted a revival of investor interest in related stocks, with Strategy MSTR purchasing its first bitcoin since August, buying 950 tokens at an average price of $79,670 per token, totaling $75.7M.

Michael Saylor's firm, Strategy MSTR, saw its stock jump 8.8% by early Monday afternoon, while its preferred stock rose only 0.5%. Meanwhile, Bitmine Immersion Technologies BMNR added ether to its balance sheet, increasing its holdings by 27,562 tokens during the past week.

Crypto miners also experienced gains, with Bit Digital BTBT leading the pack at +7.5%, followed closely by Hut 8 HUT at +6.3%. Glassnode analyst Frederik Theissen noted that spot buyers were behind the bitcoin surge, as taker flow on exchanges flipped from net selling to net buying.