The newly bullish tone for Bitcoin prices has fed through to crypto-related companies shares.
The largest cryptocurrency continued its unexpected march higher this week, surging to as high as $5,316 in late US trading before paring back some gains by Asia hours on Thursday. The Bloomberg Galaxy Crypto Index, which tracks a basket of the largest digital tokens, has rallied as much as 28 per cent this week, on track for a fifth straight weekly gain after months of relative inactivity.
Crypto-linked stocks in Asia also extended gains, led by Remixpoint Inc. in Japan with a jump of as much as 16 per cent during the day Thursday. Its up 26 per cent so far this week. Vidente Co. has climbed almost 20 per cent since the weekend, while Omintel Inc. is on a 6.3 per cent advance.
Bitcoins late gains helped fuel a post-market rally in US small-cap crypto stocks after Wall Street closed. Riot Blockchain Inc., which had already advanced 12 per cent during Wednesday trading, extended that by as much as another 12 per cent to touch $5.42 after the close, though it later lost the gains. Smaller crypto firms DPW Holdings Inc. and Marathon Patent Group Inc. also rose further for a time after the close.
And things are looking up for crypto investor and billionaire Mike Novogratz. Shares of Galaxy Digital Holdings Ltd., the Toronto-listed part owner of the hedge fund managers crypto merchant bank Galaxy Digital Holdings LP, is up 159 per cent this year. That’s after a dismal 2018, when its trading desk lost $136 million in nine months.