Crypto stocks rally as Cathie Wood backing sends bitcoin back above $51,000

• Cryptocurrency exposed companies including MicroStrategy and Riot Blockchain gained on Wednesday.
• The jump coincided with bitcoin's rally back above $51,000 after Ark Boss Cathie Wood praised the token.
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Shares of cryptocurrency-exposed companies rose in premarket trading on Wednesday as bitcoin climbed back above $51,000.

The token tumbled as low as 18% on Tuesday to $45,000 but has rallied back above $51,000 after Ark Investment boss Cathie Wood told Bloomberg Tuesday evening she remains "very positive on bitcoin," and is "very happy to see a healthy correction here." Payments company Square's announcement of an additional $170 million of bitcoin also helped push the price back up.

MicroStrategy gained almost 9% early Wednesday, after closing down 21% Tuesday.

Wednesday morning the business intelligence firm run by bitcoin bull Michael Saylor announced it purchased an additional $1 billion worth of bitcoin, bringing its total bitcoin holdings to about $4.78 billion.

The $6.6 billion company run by bitcoin bull Michael Saylor now holds approximately 90,531 bitcoins.

Bitcoin mining companies Riot Blockchain and Bit Digital gained 12% and 8%, respectively. Marathon Patent rose 15%, and Ault Global rose 5%.

Meanwhile Blockchain-based e-commerce company Future Fintech gained 5%, and crypto mining hardware developer EBang was up 11%.