Cryptocurrency-related stocks gave up big gains on Thursday even after the price of . Bitcoin It topped $100,000 for the first time overnight.

Micro strategy It plunged into negative territory to fall as much as 3.1 percent after rising more than 7 percent earlier in the day. Riot platforms And Mara Holdings Traded near the flat line. Meanwhile, Robin Hood Markets 1% more Coinbase Global Only 0.1% is added.

MicroStrategy has become a proxy for bitcoin, as the software company has been buying up the digital currency in recent years — driving up the stock’s value. The stock is up more than 2,700% since 2020, when the company first started buying bitcoin.

Coinbase operates a cryptocurrency exchange platform and is also closely related to Bitcoin. Online brokerage Robinhood also allows its traders to trade Bitcoin and several other cryptocurrencies on its app. Meanwhile, Mara Holdings and Right Platform both focus on Bitcoin mining and digital infrastructure.

Year to date, MicroStrategy is up 597%. Robinhood is up over 216%, while Coinbase is up over 97%. Mara Holdings trailed the group with a 17 percent gain.

Investors cheered on bitcoin after President-elect Donald Trump won the Nov. 5 election on expectations of a more relaxed regulatory environment.

“Bitcoin reaching $100,000 despite being an important psychological threshold. … The more important point is that it will increase the potential for more institutional and traditional financial investment in the sector,” 3iQ CEO Pascal Saint. Jane said.

“This appreciation in prices is driven by the perception of a crypto-friendly administration resulting from Donald Trump’s election victory, as well as increased access to digital assets for investors,” St. Jean added.

Traders also added to leveraged MicroStrategy ETFs, according to a JPMorgan research note on Wednesday. A leveraged exchange-traded fund can increase the potential gains of an underlying index by holding debt. As a result, it is also seen as a high risk investment fund.

“Inflows into leveraged microstrategy ETFs accounted for about a third of November’s record-high $11bn inflows into crypto funds overall,” strategist Nikolaus Panigaertzoglou said in the note.