With bitcoin notching fresh highs, some closely correlated stocks look poised to gain — or suffer — depending on where the digital currency goes from here. Bitcoin crossed above the $100,000 mark for the first time late Wednesday, building on the rally that kicked off in the wake of President-elect Donald’s Trumps victory, which boosted hopes for more favorable cryptocurrency policy. The cryptocurrency was last up about 2% at $101,201. BTC.CM= 1D mountain Bitcoin tops $100,000 mark Trump on Wednesday also announced plans to nominate Paul Atkins to succeed Gary Gensler as Securities and Exchange Commission head. Atkins is known for having a pro-crypto stance. Several popular connected stocks rose during early trading Thursday, although some names gave up those gains by midday. As the stakes mount, CNBC Pro screened for stocks in the New York Stock Exchange and Nasdaq exceeding $1 billion in market value, with the highest positive correlation with bitcoin over a 60-day period starting mid-November. That means these stocks stand the most to gain if the market exuberance continues. However, these names also risk seeing the most significant downside action should enthusiasm reverse course. Here are some of the stocks with the highest correlations to bitcoin: Coinbase is one of the most connected stock on the list, with an 81% correlation. Shares of the crypto exchange platform have rallied on the heels of Trump’s presidential victory, jumping 65% in November for its best month since January 2023. Year to date, shares have rallied 90% and are already up about 12% in December. Crypto miners Riot Platforms and Mara Holdings also made the cut, with respective correlations of 81% and 82%. Shares of Mara Holdings popped more than 63% last month, while Riot Platforms rallied about 37%. Another big potential winner or loser is MicroStrategy . The software stock that’s been scooping up the digital currency as of late has been one of the best performers in the wake of Trump’s victory, with shares up 134% since the start of the quarter and more than 526% since the start of 2024. MicroStrategy boasts a 78% correlation to bitcoin.
These are the stocks with the highest correlation to bitcoin as the digital currency tops $100,000