Crypto-linked stocks surge as Bitcoin hits $23,000 milestone

Cryptocurrency-exposed stocks soared Thursday as Bitcoin smashed through another record.

Bitcoin topped $23,000 per token on Thursday, having only surpassed the $20,000 milestone for the first time on Wednesday. The digital currency is currently trading at around $23,153, according to a composite of prices compiled by Bloomberg.

Early Thursday stock gains included Marathon Patent Group Inc.’s rise of as much as 20%, lifting shares to the highest since March 2018. Bit Digital Inc. also climbed as much as 20%, Riot Blockchain Inc. added 10% and MicroStrategy Inc. rose 7.8%, while Silvergate Capital Corp., which was upgraded at at KBW, rallied 15% to a record. Cryptocurrency-linked stocks in Asia had jumped earlier, following gains for the U.S. names after Bitcoin’s rise on Wednesday.