Strategy, Coinbase and Robinhood were all climbing in premarket trading Monday, as crypto-exposed stocks rose amid a rebound in digital asset prices linked to the war in Iran.
Cryptocurrency exchange Coinbase was up 2.8% ahead of the bell, while Strategy — the largest corporate holder of Bitcoin — rose 3.1%. Elsewhere, brokerage firm Robinhood climbed 1.9%.
Though Bitcoin, the world's largest cryptocurrency, had a poor start to the year, that has changed recently amid developments in the Middle East. As of early Monday, it was trading above $73,000, up 10% since Feb. 28 — the day the U.S. first attacked Iran — according to FactSet data.
Cryptocurrencies are traditionally thought of as speculative assets. Over the past two weeks, though, they have acted more like protection against global economic uncertainty. If geopolitical tensions persist and Bitcoin maintains its momentum, crypto-exposed stocks could get a further lift.
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