Bitcoin and Associated Stocks Rise as Smiledirectclub Files for Bankruptcy By Investing.com

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Bitcoin and Associated Stocks Rise as Smiledirectclub Files for Bankruptcy

Published Oct 02, 2023 09:27AM ET

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Bitcoin and Associated Stocks Rise as Smiledirectclub Files for Bankruptcy

BTC/USD

-0.85%

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SDCCQ

-9.38%

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ETH/USD

+4.69%

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SOL/USD

+13.12%

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RIVN

+4.41%

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On Monday, Bitcoin and other cryptocurrencies like Solana (SOL-USD) and Ether (ETH-USD) started October on a high note, with Bitcoin reaching its highest level since mid-August, trading at over $28,300 (£23,289). The recent surge in cryptocurrency prices has been bolstered by the prospect of spot ETFs gaining approval in the US. October has traditionally been a favorable month for cryptocurrencies, often referred to as "uptober" by market observers.

Stocks linked to cryptocurrencies have also benefited from this wave of optimism. Bitcoin miners Marathon Digital and Riot are projected to open 6.6% and 7.1% higher respectively. These two entities typically demonstrate parallel movement in their stock prices.

Electric vehicle manufacturer Rivian (NASDAQ:RIVN) also saw its stock price set to continue its upward trajectory on Monday, following a 17.9% increase over the past week. The stock was trading 3.8% higher in the premarket on Monday. This rise is attributed to an upgrade from analysts at Baird, who backed Rivian after the company reported production of 14,000 vehicles last quarter, a significant jump from 4,400 the previous year and zero vehicles in 2021. Despite this production increase, Rivian recorded an operating loss of $2.7bn.

In contrast to these rising stocks, SmileDirectClub (NASDAQ:SDC) is set to open nearly 60% lower when the US markets begin trading later on Monday due to news that emerged over the weekend of the company filing for Chapter 11 bankruptcy. This type of bankruptcy allows a company to continue operations while devising a repayment plan for its creditors.

The company's founders plan to reinvest $20m into the business in an attempt to revive it after years of struggling to generate profit and being embroiled in a patent dispute. The company, which produces plastic mouth guards that straighten teeth, listed $499m in assets and over $1bn in liabilities in its bankruptcy petition. Its 2019 IPO had valued the company at $8.9bn.

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Bitcoin and Associated Stocks Rise as Smiledirectclub Files for Bankruptcy

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