Shares of several crypto stocks are rising this week as the price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), has bounced more than 7.5% since Sunday. For the week, shares of the large crypto exchange Coinbase (NASDAQ: COIN) traded more than 7% higher as of 10:53 a.m. ET today. Shares of the crypto bank Silvergate Capital (NYSE: SI) traded nearly 17% higher, and shares of the business intelligence and Bitcoin buyer MicroStrategy Incorporated (NASDAQ: MSTR) were up more than 21%.
Earlier this year, Meta Platforms (NASDAQ: META) sold off its holdings in Diem Association -- the cryptocurrency project it had been working on the last few years with other tech and digital payments companies. Crypto bank Silvergate Capital (NYSE: SI) was the buyer of the Diem assets, but it was still unclear what would become of Meta's Novi digital wallet. One year after beginning a pilot program, it looks like Novi is now closing up shop and will no longer be available for use after Sept. 1, 2022.
Shopify's market cap is down to about $40 billion. It's a highly volatile stock, and it's always been expensive. In fact, I think it was Shopify's announcement that business was outstanding that caused the stock market to bounce back as quickly as it did.