2 Cryptocurrency Stocks That Saw Double-Digit Growth on Thursday

Cryptocurrency ETFs continue to climb, as the U.S. adds more, but these Canadian companies have been on the market for quite some time and are making gains.

Amy Legate-Wolfe

Author Bio Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Social Media Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published October 28, 2021 12:09 pm EDT

Cryptocurrency companies Galaxy Digital Holdings (TSX: GLXY) and Voyager Digital (TSX: VOYG) saw double-digit growth on Thursday. Shares Galaxy stock were up 12% in morning trading, while Voyager stock jumped a whopping 22%.

What happened?

Shares of the cryptocurrency holdings companies spiked, as cryptocurrency continues to climb. Bitcoin continued to climb, almost reaching 52-week and all-time highs. Further, Shiba Inu continued to climb by 10%, Dogecoin by 25%, and Ethereum by 4%.

The reaction comes from even more exchange-traded funds (ETFs) hitting the U.S. market with a focus on cryptocurrency. However, investors already started to realize that Canada has these ETFs on hand. That includes Galaxy Digital and Voyager Digital.

So what?

U.S. investors have started investing in Canadian ETFs that have already been on the market for a while. Supported by the value of cryptocurrency rising, any company tied to that rise is seeing a sharp increase.

However, digital holdings companies seem to be at an advantage. Here, you can gain access to the rise in cryptocurrencies across the board. Rather than investing in the five-digit price of Bitcoin, you can merely get a piece of it. The same is true for several other cryptocurrencies.

Now what?

Technically speaking, both Galaxy and Voyageur have reached the point of a breakout. In this case, it means investors may be bullish on picking up the stock to support this likely continued upward trend.

The recent movement also comes as Voyageur announced a $75 million investment in cryptocurrency researcher Alameda Research. The company trades “over $5 billion per day across thousands of products including all major coins and altcoins, as well as their derivatives.”

Furthermore, Voyager Digital will come out with its earnings report tomorrow, Friday, Oct. 29. Meanwhile, Galaxy Digital will announce earnings on Nov. 15.

Should Voyageur Digital come out with positive news, which is likely, shares could continue climbing. This is also likely to influence Galaxy Digital shares as well. And as long as cryptocurrency in general keeps climbing, investors are likely to see these shares go up and up.