Winklevoss-Led Gemini Posts Biggest Gain Since Debut On Bitcoin Pump – COIN, MSTR Stocks See Double-Digit Gains

GEMI’s stock rose more than 33% on Wednesday, pushing its market capitalization past $1 billion.

• Crypto stocks rallied on Wednesday after Bitcoin’s price rose to an intraday high of nearly $74,000.
• Gemini Space Station, a cryptoexchange led by the Winklevoss twins, led gains among crypto enquiries.
• Coinbase Global and Michael Saylor’s Strategy also saw double-digit gains.

Crypto-linked equities rallied on Wednesday after Bitcoin’s (BTC) price soared to almost touch $74,000, and Gemini Space Station (GEMI) clocked its largest single-day gains since its debut in September last year.

GEMI’s stock rose more than 33% to close at around $8.69, pushing its market capitalization past $1 billion. The shares dipped around 1% in after-hours trade. On Stocktwits, retail sentiment around the cryptocurrency exchange surged to ‘extremely bullish’ from ‘neutral’ territory over the past day, and chatter jumped to ‘extremely high’ from ‘extremely low’ levels. 

GEMI retail sentiment and message volume on March 4 as of 11:50 p.m. ET | Source: Stocktwits

Some users expect Gemini’s stock to dump once the initial excitement for Bitcoin’s pump fades.

Others anticipate the passage of the CLARITY Act to provide another boost to Gemini’s shares.

Why Were Crypto-Linked Stocks Rising?

It wasn’t just the Winklevoss-led crypto exchange that rallied as Bitcoin rose to its highest levels in nearly a month. Coinbase Global (COIN) jumped more than 14.5%, Hut 8 (HUT) gained 13.8%, while Michael Saylor’s Strategy (MSTR) climbed 10.3% on Wednesday. In overnight trade, MSTR’s stock edged 0.19% higher, but COIN’s stock traded flat, and HUT’s stock edged 0.26% lower.

Retail sentiment around MSTR on Stocktwits jumped to ‘bullish’ from ‘neutral’ territory over the past day as chatter rose to ‘low’ from ‘extremely low’ levels. 

MSTR retail sentiment and message volume on March 4 as of 11:55 p.m. ET | Source: Stocktwits

The rally came after Bitcoin’s price rallied to an intraday high of over $73,900, according to CoinGecko. BTC’s price was trading at around $72,800 on Wednesday night, still up by 7.6% in the last 24 hours. Retail sentiment around the apex cryptocurrency rose to ‘extremely bullish’ from ‘bullish’ territory over the past day.

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