Crypto Stocks Rally as Bitcoin Nears $80,000

Crypto stocks rose on Friday after Bitcoin's price surged more than 9% in early trading and briefly approached $80,000.

This is its highest level since mid-May. Several companies benefited from this price increase.

Coinbase Global gained 5%, Strategy added 5%, and Robinhood Markets jumped over 7%. Riot Platforms Inc rose 4%, Mara Holdings increased 4%, Bit Digital climbed 3%, and Hut 8 advanced 5%.

Canaan, a Bitcoin mining machine maker, surged 18%, while Circle Internet gained 7%. Exchange-traded funds tracking Bitcoin also rose, with ProShares Bitcoin Strategy ETF and iShares Bitcoin Trust ETF increasing more than 5%.