Coinbase, Galaxy Digital shares rise sharply as stocks surge

By:
on Dec 29, 2022
Listen to this article
  • Coinbase stock COIN soared 8%, while Galaxy Digital had surged 14% by early afternoon.
  • The crypto-related stocks were surging amid broader stock market gains led by tech.
  • Tesla shares were up more than 7% on Thursday as investors continued to assess the stock.

Shares of Coinbase (NASDAQ: COIN) rose more than 8% on Thursday as the broader stock market recorded a slight upside amid ongoing investor jitters.

COIN, one of many crypto-related stocks to nosedive amid the 2022 bear market, rebounded from lows of $33.46 at markets open to intraday highs of $35.33 as of 11:40 am ET. Despite the gains, the Coinbase shares remain more than 86% down year-to-date. The COIN stock this week fell to a 52-week low of $31.83 – the stock’s all-time low.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Related stocks Hut8 Mining Corp was up 5% at the time of writing, while Galaxy Digital’s GLXY was up 14%. The company’s Bitcoin mining segment had a much better 2022 than most peers, according to latest financial results. TheMinerMag highlighted this on Thursday.

However, Argo Blockchain, whose shares rose impressively following a deal with Galaxy Digital that could see the Bitcoin mining firm avoid bankruptcy, were down nearly 6% in US trading.

MicroStrategy Inc. (NASDAQ: MSTR) was down 2.3% after shedding gains made on Tuesday following the company’s announcement that it bought an extra 2,500 bitcoins between 1 November and 24 December 2022.

Stocks surge buoyed by tech

US stocks rose on Thursday as a rebound for major tech stocks helped the market. With two days of a brutal 2022 to go, investors appeared to be eyeing one more opportunity to recoup some of the losses even as concerns over the global economy linger.

In early after trading, the Dow Jones Industrial Average was up nearly 400 points, or 1.2% higher. The S&P 500 had added 1.9%, while the Nasdaq Composite was +2.7% on the day, buoyed by gains for tech giants Apple (AAPL) +3% Amazon (AMZN) 2.5%, and Alphabet (GOOG) +2.8%.

Beaten up stock Tesla (TSLA) was also up by 7.3%, with the upside coming as CEO Elon Musk reportedly assured employees the electric car maker remained on track to become the world’s most valuable company.