The newest crypto stock is surging from its initial offering price after going public as Bitcoin climbs to a record high.
Crypto miner Stronghold Digital Mining Inc. is trading more than 50% above its IPO price in Wednesday’s debut session, which comes as Bitcoin tops $66,000 for the first time. The trade is unfolding after Tuesday’s launch of the asset’s first U.S. exchange-traded fund signaled greater mainstream acceptance.
Read more: Bitcoin Climbs to Record High After Futures-Based ETF Debut
Other stocks exposed to cryptocurrencies are also climbing in tandem. Top performers include a 19% jump in Canaan Inc., a 10% gain by Bigg Digital Assets Inc. and a 9.4% rise in Silvergate Capital Corp.
U.S.-based Stronghold, which operates its own coal-waste power plant, went public amid the crypto industry’s shift out of China. B. Riley and Cowen led the $127 million offering, which priced above the marketed range and got upsized.
©2021 Bloomberg L.P.