Crypto Stocks Rebound with Bitcoin Bounce

By Dean Seal

Shares of companies in the cryptocurrency industry recovered some of their recent losses Tuesday morning after the price of Bitcoin climbed 4.5% to $21,588.

The world's largest crypto asset by market capitalization is still down more than 50% year-to-date following a crushing selloff in the space that has dragged big-name crypto companies down with it.

Bitcoin's bounce Tuesday sent shares of Coinbase Global Inc., the operator of the largest U.S. crypto exchange, up 16% in early trading to $59.44.

Bitcoin miner Riot Blockchain Inc. shares rose 15.5% to $5.37. Shares of Marathon Digital Holdings Inc., another miner, gained 14% to $7.54.

MicroStrategy Inc. shares were up 15% in early trading to $192.78. The maker of business-intelligence software has been growing its position in Bitcoin for the last two years as a hedge against inflation.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

June 21, 2022 11:10 ET (15:10 GMT)

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