Cryptocurrency-linked shares are on the rise as bitcoin is heading for its biggest monthly rise since 2019, extending a rally that has driven the value of some stocks five times since late October.
Marathon Patent Group, which has gained 444% in the past two months, adds an additional 4.4% today.
Riot Blockchain was up 7.1%, having accumulated 383% gains since October 30.
And Bit Digital, which gained 81% on Monday alone, is recording a jump of an additional 31%.
Canadian-listed Hive Blockchain Technologies rose as much as 6% on Wednesday, with its stock nearly doubling since early December.
Mike Novogratz’s Galaxy Digital Holdings also rose an additional 3.4%, boosting more than 60% since the start of the month.
The price of bitcoin rose to more than 30,000 today, leading to December’s rise of more than 40%. Other cryptocurrencies moved upward, with the Bloomberg Galaxy Crypto index to be up 270% in 2020.
Some investors see bitcoin as a means of hedging against inflation and dollar weakness, analogous to gold, while others see it as a speculative tool that cannot function as a safe investment haven.