The share prices of crypto-focused companies jumped this week amid the wider market upturn that sent Bitcoin to multiple all-time highs and despite a lull on Friday in equity indexes.
Coinbase and Strategy both rose about 9% and 12%, respectively, over the past five days, according to Yahoo Finance data. Stock and crypto trading platform Robinhood climbed 5%. The stock prices of major Bitcoin miners also spiked with MARA Holdings soaring about 12%.
Those gains have come as Bitcoin rose above $118,500 at one point Friday, up more than 9% from Monday and about 6% above its previous all-time high, according to crypto markets data provider CoinGecko, leading a wider upturn in crypto prices. Institutional investors growing embrace of digital assets coupled with increased hopes for market-bolstering interest rate cuts and a timely endorsement by U.S. President Donald Trump fueled the surge.
BTC is up 25% year-to-date with crypto-focused and touching stocks benefiting from the upswing. Coinbase, the largest crypto exchange in the U.S., has risen 50% since January 1 to trade at $383. Strategy is up 45% over the same period.
Analysts at Bernstein recently put a price target of $510 on Coinbase, rating the stock outperform, while Benchmark analyst Mark Palmer also in June rated the firm a "buy" rating. San Francisco-based Coinbase has completed multiple deals to expand its services, announcing a partnership on Thursday with artificial intelligence provider Perplexity, and last week with Liquifi.
Strategy, formerly known as MicroStrategy, closed at $434.58. The software company, which pivoted to become a Bitcoin treasury in 2020, holds nearly 600,000 bitcoin worth approximately $70 billion.
Among leading Bitcoin miners, CleanSpark (CLSK) and Riot Platforms (RIOT) rose 8% and 7%, respectively over the past week. Earlier this month, those firms and MARA all reported declines in June Bitcoin production.
Crypto-focused exchange traded funds also thrived with BlackRock's iShares Bitcoin Trust (IBIT) closing near its all-time high. On Thursday, the spot Bitcoin fund reached $80 billion in assets under management, faster than any ETF in that industry's 32-year history, according to Bloomberg data. IBIT's share price rose 9% during the week, while the iShares Ethereum Trust (ETHA) jumped more than 17% for the period.
The tech-focused Nasdaq and S&P 500 closed down .22% and .33%, respectively, as trade tensions with Canada escalated.
In a post on his Truth Social media platform, Trump trumpeted crypto and equities' recent spurt. "Tech Stocks, Industrial Stocks, & NASDAQ, HIT ALL-TIME, RECORD HIGHS! CRYPTO, 'Through the Roof'," he wrote, urging the U.S. central bank to lower interest rates.
Investors have become more hopeful about rate cuts in recent weeks, even as concerns remain about the impact of Trump's global trade war, inflation and geo-political hotspots in Eastern Europe and the Middle East.
Bitcoin hit a new all-time high this week on following comments by crypto-friendly President Trump that the economy and stock market in general was doing well and that the Federal Reserve should now lower interest rates.
