Bitcoin’s rally above $79,000 lifted miners and treasury companies with Canaan, Strive and Metaplanet posting double-digit gains as crypto stocks surged.
Shares of bitcoin miners and digital asset treasury companies rose late in the week, tracking a broad rally across crypto markets after the US Treasury announced it would double down on certain long-dated bond buybacks — a move aimed at supporting liquidity in the treasury market that also helped appease risks.
Crypto-related stocks rose more than 25% on Friday, led by Bitcoin (BTC) miner Canaan. MARA Holdings edged higher after surging nearly 16% during Thursday’s session.
Strive, which holds more than 20,000 bitcoins (BTC) on its balance sheet, jumped more than 16% on Friday. Japan-listed Metaplanet, which recently expanded its bitcoin treasury strategy by acquiring Nasdaq-listed Super League Enterprise, also gained more than 16%.
Shares of crypto exchange Coinbase and brokerage platform Robinhood posted double-digit percentage gains, as BTC’s recovery spilled over into publicly traded companies with direct exposure to the digital asset.
Crypto-related stocks were rallying as Bitcoin extended its weekly gains by more than 23% on Friday, according to CoinMarketCap data. Ether (ETH) has gained nearly 30% over the same period, climbing above $2,400.
Related: Crypto Biz: Treasury’s ‘Not-QI’ Playbook Sends Bitcoin Higher
Trump adds regulatory tailwind to crypto rally
Digital asset markets also got a boost from US President Donald Trump’s comments on Thursday, when he renewed calls for Congress to advance transparency legislation. The legislation has stalled after lawmakers failed to advance it before the August recess.
The bill is seen as a potentially important step toward establishing a clearer regulatory framework for digital assets in the United States, including defining the respective oversight roles of the Commodity Futures Trading Commission and the Securities and Exchange Commission.
Trump revived the possibility of the US government acquiring bitcoin on a “huge” scale after meeting with crypto industry leaders this week.
Related: Bitcoin ETFs draw $517M in biggest one-day inflow since early May
