These 10 Stocks Soared More Than 5% on Friday as Bitcoin Miners and Quantum Computing Firms Outperformed the Market

The stock market finished the trading week in the green territory as investors looked past the series of mixed corporate earnings performance and inflation worries

The stock market finished the trading week in the green territory as investors looked past the series of mixed corporate earnings performance and inflation worries, amid the easing trade tensions between the US and China.

The Dow Jones climbed by 0.78 percent, while the S&P 500 and the tech-heavy Nasdaq grew by 0.70 percent and 0.52 percent, respectively.

Beyond major indices, 10 companies—predominantly Bitcoin miners and quantum computing firms—registered a strong finish, thanks to fresh corporate developments boosting investor appetite.

In this article, we name Friday’s 10 top performers and detail the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.

10. IREN Ltd. (NASDAQ:IREN)

Shares of IREN Ltd. bounced back by 8.52 percent on Friday to close at $8.41 apiece following a strong earnings performance in the third quarter of fiscal year 25.

During the quarter ending March, IREN Ltd. (NASDAQ:IREN) said net income increased by 28 percent to $24.2 million from $18.9 million in the same period last year.

Revenues reached $148.1 million, with the largest share owed to revenues from Bitcoin mining, with $141. million compared to $113.5 million in the same period last year.

Looking ahead, IREN Ltd. (NASDAQ:IREN) said that it is set to pause further mining expansion to focus on scaling its Artificial Intelligence infrastructure initiatives.

“Horizon 1 and Sweetwater data centers anchor the next phase of our growth, with both projects placing IREN at the forefront of accelerating AI data center demand,” said IREN Ltd. (NASDAQ:IREN) co-founder and co-CEO Daniel Roberts.

9. Coinbase Global, Inc. (NASDAQ:COIN)

Coinbase Global rebounded on Friday, jumping 9.01 percent to close at $266.46 apiece, as investor funds flew back to its stock ahead of its official inclusion in the S&P 500 index.

By May 19, Coinbase Global, Inc. (NASDAQ:COIN) will replace Discover Financial Services, which ended its 12-year tenure in the index after its planned merger with fellow S&P 500 component, Capital One Financial.

Friday’s trading also showed that investors have priced in the company’s recent customer data hacking incident, which demanded that  Coinbase Global, Inc. (NASDAQ:COIN) pay some $20 million in ransom, and could cost the company between $180 million and $400 million to fix issues and reimburse customers.

In the first quarter of the year, Coinbase Global, Inc. (NASDAQ:COIN) said net income nosedived by 94 percent to $66 million from $1.176 billion reported in the same period last year.

Net revenues, however, were higher by 23.4 percent to $1.96 billion from $1.588 billion year-on-year.