As bitcoin shoots to new heights, some stocks that trade closely with the digital currency could also see their fortunes rise. Bitcoin has gained more than 32% since President-elect Donald Trump secured a second term last week. Trump indicated his support for cryptocurrencies during his campaign, which could lead to more favorable regulations for the industry. On Wednesday, bitcoin rose above the $93,000 mark for the first time and was last trading more than 3% higher. Against that backdrop, CNBC Pro screened for stocks that have the highest positive correlation with bitcoin over the past 60 days, meaning that they could rise in tandem. We also filtered for New York Stock Exchange and Nasdaq-listed stocks with market caps of more than $1 billion. Crypto exchange platform Coinbase was one name on the list with a correlation coefficient of 0.81. In other words, there’s an 81% correlation between the stock and the digital currency. The stock has soared 78% this year and is up 73% in November alone. In a Monday note, Bank of America hiked its price objective for Coinbase to $365 from $214, although it maintained its neutral rating. This updated price forecast is approximately 14% above where shares closed on Tuesday. “While we agree that the post-election setup is more conducive for crypto markets and COIN, we are more bullish longer-term and do not rule out near-term volatility as we continue to forecast a slow but steady adoption cadence around crypto subsequent regulatory clarity through the proper rulemaking channels,” wrote analyst Mark McLaughlin. Cryptocurrency miner Mara Holdings also made the list, with a correlation of 82% to bitcoin. Shares are unchanged on the year, but have gained 41% in November. Most analysts are either bullish or neutral the stock, according to LSEG. In October, Cantor Fitzgerald initiated Mara with an overweight rating. Analyst Brett Knoblauch noted: “Ultimately, we see MARA benefiting from future Bitcoin price appreciation, and we believe the market under-appreciates profitability improvements MARA will deliver as it verticalizes the business, making shares attractive at current levels.” Fellow crypto miner Riot Platforms was also on the list with an 81% correlation to bitcoin. The stock has soared 48% this month but is still down 11% on the year. Lesser-known names that could see a boost on further bitcoin appreciation include crypto miners Bitdeer Technologies and Hut 8 . Bitdeer has a 67% correlation to the digital currency, while Hut 8’s correlation coefficient is nearly 0.7. Shares of Bitdeer have gained 16% this year and 46% this month, while Hut 8 has rallied 100% in 2024 and 69% on the month.
