Strategy, Coinbase, Circle and Robinhood Lead Crypto Stocks Rally Amid Bitcoin Rebound

This article first appeared on GuruFocus.

Crypto-linked stocks climbed on Monday as Bitcoin steadied after a sharp selloff, with Strategy (NASDAQ:MSTR), Coinbase Global (NASDAQ:COIN), Robinhood Markets (NASDAQ:HOOD), Hut 8 (HUT), MARA Holdings (MARA), Circle Internet Group (NYSE:CRCL), Galaxy Digital (GLXY), Bullish (BLSH) and Iren (IREN) all moving higher.

Bitcoin recovered above $60,000 over the weekend and traded near $63,000 in early Monday action, after briefly slipping below that level on Friday. Ether also gained, adding to a modest rebound across digital assets.

The bounce came after one of the roughest weeks for crypto in more than two years, with heavy ETF outflows and a broad risk-off tone weighing on sentiment. Strategy chairman Michael Saylor also hinted at additional bitcoin purchases, which helped support the tone.

Even so, some analysts said the recovery may be fragile if bitcoin cannot hold recent support levels. They said the market still needs clearer signs that institutional selling is easing before calling the pullback over.