On Tuesday morning, shares of Coinbase, MicroStrategy, Riot Platforms, and MARA Holdings recorded gains ranging from 5% to 13%. In contrast, Bitcoin price increased by 0.3% during the same 24-hour period. These stocks had previously experienced a two-day decline of 8% to 14%.
The growth was supported by a broader recovery in the tech sector, with the Nasdaq Composite rising by 1%. Additionally, the Commodity Futures Trading Commission approved equity perpetual futures for Coinbase. Riot Platforms saw the highest growth at 13.3%, followed by Coinbase at 8.6%, MARA at 7.6%, and MicroStrategy at 5.4%.
Short interest data from mid-October shows 111.9 million shares for MARA and 53.6 million shares for Riot. While the impact of short covering is not confirmed, these figures represent an increase from previous weeks. Barclays recently adjusted its price target for Coinbase to $120, citing October trading fees of $165 million.
Riot Platforms is scheduled to release its third-quarter earnings report. Analysts project a loss of $0.32 per share on revenue of approximately $159.7 million. The company is currently transitioning its operations from Bitcoin mining toward AI and high-performance computing infrastructure.
