U.S. Crypto Stocks Surge in Pre-Market Trading as Bitcoin Tops $100K

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The analyst who wrote this piece owns shares of MicroStrategy (MSTR) and Semler Scientific (SMLR).

Crypto-related equities jumped before the U.S. market open after bitcoin (BTC) broke through the $100,000 psychological barrier, adding 4% in 24 hours.

Medical device company Semler Scientific (SMLR) led gains, adding more than 7% and approaching $70 a share. The company holds 1,570 BTC, according to <a href="https://bitcointreasuries.net/" target="_blank">bitcointreasuries.net</a>.

Self-described bitcoin development company <a href="https://www.coindesk.com/news-analysis/2024/12/02/microstrategy-looks-poised-to-join-influential-nasdaq-100-index-here-s-what-that-means-for-the-stock" target="_blank">MicroStrategy</a> (MSTR), with 402,100 BTC, is up over 6.5%. It holds the most bitcoin among all publicly listed companies.

MARA Holdings (MARA), with the second-largest stash, also rose more than 6%. The bitcoin miner <a href="https://x.com/MARAHoldings/status/1864429899601109352" target="_blank">completed an $850 million offering</a> of a zero-coupon convertible senior note due in 2031. The proceeds will primarily go towards acquiring bitcoin and repurchasing existing notes due 2026.

Other miners also rose.

<a href="https://www.stocktitan.net/news/IREN/iren-announces-proposed-convertible-notes-89ewa7xdd1o7.html" target="_blank">IREN</a> (IREN) added 4.6%. It plans to offer a $300 million convertible senior note due 2030, with an additional $45 million option. The proceeds will go toward funding capped call transactions, a prepaid forward share purchase, and general corporate purchases.

<a href="https://x.com/Hut8Corp/status/1864307385705038182" target="_blank">Hut 8</a>, up almost 7%, announced a $500 million at-the-market (ATM) offering and a $250 million stock repurchase program to support growth and shareholder returns, including buying bitcoin as a reserve asset.

Crypto exchange Coinbase (COIN) gained 4.4%.