BTC Nears $46K: Pre-Market Surge for Bitcoin-Linked Firms

• Bitcoin-Adjacent Companies' Stock Rise with Bitcoin's Bullish Start to 2024
• Bitcoin's Impact on U.S.-Traded Companies
• Statistics of the Bullish Run
• The Role of the Potential Spot BTC ETF in Bitcoin's Surge
• Bitcoin ETF's Potential Participants

Bitcoin-Adjacent Companies' Stock Rise with Bitcoin's Bullish Start to 2024

Bitcoin$42,260 -0.64%-associated firms witnessed a sharp increase in their pre-market shares on the first trading day of 2024, as Bitcoin crossed the $45,000 mark for the first time in 21 months. Bitcoin (BTC) experienced a hike of over 7% in the past 24 hours, clocking an impressive $45,600, a record since April 2022.

Bitcoin's Impact on U.S.-Traded Companies

Companies traded in the U.S. markets like the crypto exchange Coinbase (COIN), software development firm MicroStrategy (MSTR) - known for holding considerable amounts of Bitcoin - and mining corporations Marathon Digital (MARA) and Riot Blockchain (RIOT) leveraged the positive trend to register substantial pre-market trading gains.

Statistics of the Bullish Run

In the current scenario, Coinbase has risen by 6.34%, trading at $184.95, while MicroStrategy has seen an increase of more than 9%, trading at $689.84. Both Marathon and Riot have also registered increases exceeding 10%.

The Role of the Potential Spot BTC ETF in Bitcoin's Surge

Bitcoin's remarkable surge points to the growing anticipation surrounding the potential listing of a spot BTC exchange-traded fund (ETF) in the U.S. A news report by Reuters on Dec. 30 suggested that the U.S. Securities and Exchange Commission (SEC) might inform ETF sponsors about the likely approval of their applications as early as Tuesday.

Bitcoin ETF's Potential Participants

It is noteworthy that major financial firms such as BlackRock and Valkyrie have already identified authorized participants for their potential Bitcoin ETF, one of which includes JPMorgan.

Edited by Jonathan Stoker