Shares of cryptocurrency-focused stocks are trading higher Tuesday, 11th April, after Bitcoin (BTC) rallied to top the $30,000 handle for the first time since last June.
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Cryptocurrency exchange Coinbase Global (NASDAQ: COIN) is trading over 8% higher Tuesday to hit a 3-week high after shares plunged on the Wells Notice.
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Back in March, the U.S. Securities and Exchange Commission (SEC) “advised the Company that it made a ‘preliminary determination’ to recommend that the SEC file an enforcement action against the Company alleging violations of the federal securities law.”
The Wells Notice is typically a precursor to an enforcement action. Coinbase CEO Brian Armstrong reminded investors that the SEC thoroughly reviewed his business in 2021 when the company went public via a blockbuster initial public offering (IPO).
“Our S1 clearly explained our asset listing process and included 57 references to staking. Coinbase runs a rigorous asset review process and has rejected more than 90% of assets that have applied to be listed on the platform,” Armstrong said in a tweet.
As a result, COIN shares fell 14% and were trading within a tight range before Bitcoin’s break to the upside facilitated a relief rally. COIN stock is up ~87% year-to-date on the improving risk sentiment surrounding risk assets, and cryptocurrencies in general.
Digital assets have been outperforming recently as some investors opted to seek shelter in Bitcoin amid concerns over a broader collapse in the banking industry.
Elsewhere, crypto miners Riot Platforms (NASDAQ: RIOT) and Marathon Digital (NASDAQ: MARA) are also trading higher.
CleanSpark (NASDAQ: CLSK), which develops Bitcoin infrastructure, trades over 11% higher after the company said it had acquired 45,000 Antminer S19 XP bitcoin mining machines from Bitmain for nearly $145 million. The deal would push the company’s total machines to about 15.9 EH/s.
As of 16:00 GMT Tuesday, Bitcoin is up 1.4%, while Ethereum trades flat on the day after coming close to hitting $2,000 for the first time since August 2022.
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