Bitcoin-exposed companies climb in lockstep with crypto's rally ahead of Coinbase's listing

"All four of these have a direct benefit from bitcoin being up," John Wu, president of Ava Labs, the company beside altcoin Avalanche, told Insider. "Others like PayPal who help facilitate the trading of crypto are up because of sentiment but they don't actually own bitcoin."

Wu said the stocks are now trading lower since investors are "buying the hype, selling the fact". He added that investors may now be allocating ay from these names to the cryptocurrencies themselves.

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