MicroStrategy Hits All-Time High, Crypto Stocks COIN, MARA Follow With Double-Digit Gains

Key Takeaways

• MicroStrategy leads the charge, surging 23% to an all-time high.
• Coinbase followed suit, with the crypto exchange posting a 20% gain.
• Crypto mining stocks also rallied.

In a remarkable display of market enthusiasm, crypto stocks surged to new heights on Tuesday, Nov. 11, with MicroStrategy (MSTR), Coinbase (COIN), and other industry leaders posting double-digit gains and all-time highs.

The historic milestone comes on the heels of Bitcoin’s own record-breaking run, with BTC posting nine consecutive all-time highs in a single day, ultimately closing at a new high of $89,660.

MicroStrategy Shatters 24-Year Record

MicroStrategy shattered its 24-year-old stock price record, soaring to an all-time high of $351.73.

The company’s stock price jumped nearly 23% on Tuesday, largely driven by Bitcoin’s 11% price surge.

At press time, MSTR had since dropped to $340.

The business intelligence firm now holds an estimated $20 billion worth of Bitcoin, acquired at an average price of $42,692.

MicroStrategy’s total holdings of over 279,000 Bitcoins have generated nearly $10 billion in profits, vindicating founder Michael Saylor’s bold bet on the asset.

Crypto Stocks Ride the Wave

The rally was not limited to MicroStrategy, with a broad swath of crypto stocks posting double-digit gains.

Coinbase saw its stock price  close at $324—a three-year high—just 5% shy of its all-time high of $342.

The exchange’s shares surged over 20% for the day, with its app store ranking jumping 50 places to 28, a sign of retail investor enthusiasm.

Robinhood (HOOD) saw its stock price surge over 8% to touch a new yearly high of $32.80.

Crypto mining stocks were also big winners, with Riot Platforms Inc. (RIOT ) posting a 17% daily surge to reach a new six-month high and HUT8 Mining Group (HUT)  recording a 25.8% surge to close the day on a new yearly high.

Bitfarms Ltd. (BITF)  registered 17% in gains, reaching a new multi-month high of $3.67, while MARA Holdings (MARA)  added 30% to its stock value to record a new multi-month high of $25. 

As the crypto market continues to break out into new territory, with no key resistance in sight, the rally is likely to continue in the coming weeks and months.

With institutional and retail investors alike driving the market higher, the crypto space, including crypto stocks, is seemingly poised for a prolonged period of euphoria.