As the price of bitcoin reaches $0.1 million, crypto stocks have become the focus of trading.
According to China Finance, as bitcoin recently surged past the $0.1 million mark, it stimulated a significant increase in trading activity on the Interactive Brokers (IBKR.US) platform for crypto-related assets. IBKR stated in its weekly update on Tuesday that MicroStrategy (MSTR.US), known for its bitcoin holdings, was the second most active trade on its online brokerage platform. Crypto mining company Mara Holdings (MARA.US) and crypto exchange Coinbase (COIN.US) ranked fifth and sixth on their weekly list of the 25 most active stocks and options.
Steve Sosnick, Chief Strategist at IBKR, said: "Clearly, crypto-related stocks are also at the forefront of many of our clients' minds. These names also suggest that our clients continue to be interested in leveraged trades on potential themes."
Following Trump's re-election as President of the United States earlier this month, bitcoin surged over 40%, leading to a rise in crypto-related stocks; Trump had previously expressed increased support for cryptocurrency development. Last week, bitcoin reached a high of over $9.98, but has not yet hit $0.1 million as investors took profits. On Wednesday, the trading price of bitcoin exceeded $0.094 million.
In IBKR's weekly active trading statistics, iShares Bitcoin Trust (IBIT.US) ranked 17th and noted that bitcoin ETFs occasionally appear at the bottom of the rankings. Nvidia (NVDA.US) reclaimed the top spot on IBKR's list, with a net purchase of 0.884 million shares of stocks and options.
Sosnick said: "For those of us who remember the days before the AI boom when Nvidia was seen as the leader of all cryptos, we might be thinking of those terms again - at least for the week of the surge in crypto-related activities."
Here are the complete data for the 25 most active trades on IBKR: