The abrupt reversal in Bitcoin (BTC-USD) sent two companies up in mid-week trade. Coinbase (COIN) gained 14.6% on Wednesday after President Trump questioned the slow progress of the cryptocurrency bill.
Trump met Coinbase CEO Brian Armstrong. Afterward, Politico reported that the President backed Armstrong’s position. Trump posted that banks needed to make a good deal with the crypto industry. He posted that banks are undermining the recently adopted crypto law (Genius Act).
Weeks ahead of that comment, shares of JPMorgan Chase (JPM) and Citigroup (C) traded lower. Conversely, Circle Internet (CRCL), Hut 8 (HUT), Coinbase, and Mara Holdings (MARA) traded higher. Robinhood (HOOD) gained over 7%.
Peer firms to Coinbase include Mastercard (MA), PayPal (PYPL), and Interactive Brokers (IBKR).
Highly levered bitcoin holder Strategy (MSTR) gained 10.4% yesterday. During the BTC rout, the firm bought around 3,000 BTC at an average price of $67,700. Bitcoin traded late last night at $72,915.
In the biotech sector, Moderna (MRNA) continued its march higher. MRNA stock added 16%, trading at a new 52-week high on Wednesday. Arbutus (ABUS)/Genevant settled a patent dispute with the firm. Moderna will pay $950 million to cover a legal dispute associated with the delivery technology that powered the Covid-19 vaccine.
ABUS stock closed at $4.75, not far from its 52-week high.
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