Bitcoin Surges Past $85,000, Taking Top Treasury Companies With It
Top Bitcoin treasury companies are surging in value as the crypto market rally continues. Strategy jumped by over 6% in premarket trading, while Strive and Coinbase rose by 6.5% and 5.1%, respectively.
The surge in these companies' stock prices comes as Bitcoin's price has reached $85,000 for the first time since January. This marks a significant increase from its lowest point in July when it bottomed out at $58,145.
Bitcoin's rally is also seen as a possible indication that investors are starting to rotate from stocks to Bitcoin. The ETF market has seen inflows jump by $313 million this month after rising by $3.52 billion last month.
In a statement to CNBC, Matt Hogan, the CIO of Bitwise, said that the crypto winter was ending and that the industry will soon enter its longest bull market in history.