Bitcoin-Associated Stocks Jump as Cryptocurrency's Price Climbs Above $104,000

Bitcoin-linked stocks rose Friday as the cryptocurrency’s price climbed above $104,000.

The largest corporate holder of bitcoin, MicroStrategy (MSTR), saw its shares climb more than 7% by early Friday afternoon. Cryptocurrency exchange Coinbase’s (COIN) stock rose around 5%. Bitcoin miner Riot Platforms (RIOT) jumped 6% and Mara Holdings (MARA) climbed about 13%.

Bitcoin has been on a tear lately, surging nearly 50% since Donald Trump’s election victory partly on optimism that the incoming administration will be more favorable to crypto. The cryptocurrency hit an all-time high above $108,000 last month.

In December, Trump tapped Paul Atkins to lead the Securities and Exchange Commission. Atkins, a former SEC commissioner under President George W. Bush, has worked recently on digital assets and is set to replace Gary Gensler, who is seen by many as a crypto critic.

Trump will also likely have the opportunity to replace several SEC commissioners whose terms are set to expire during his administration.