Bitcoin mining and high performance computing firms like Bitdeer, CleanSpark, and Riot Platforms were the main stock market beneficiaries as Bitcoin jumped above $97,000 Wednesday afternoon.
Singapore-based Bitdeer, a Bitcoin mining and AI services firm, rose more than 15% to $14.76 y the end of the trading day. Bakkt, which earlier this week announced that it's acquiring a stablecoin services firm, finished the day trading for $21.01 after climbing 12%. And Bitcoin mining and data center operator CleanSpark has seen its shares jump to $13.34, a 6.3% gain since markets opened.
And Bitcoin miner Riot Platforms saw its shares jump 3.2% on the day, landing at $17.30 by the closing bell.
Tom Lee's BitMine Immersion Technologies, the leading publicly traded Ethereum treasury firm, saw its stock climb 4.7% to $32.68 two days after the company added $76 million worth of ETH to its $13 billion treasury. And Strategy, the first publicly traded Bitcoin treasury company, has seen its stock climb more than 3.6% to $179.33 at the closing bell.
The main driver for the stock surges appears to be BTC's rally, which saw the world's first cryptocurrency changing hands Wednesday for the highest price it's been since November.
BTC was recently trading for $94,549, climbing 7% in the last week and about 3% on the day, according to crypto price aggregator CoinGecko. In that same time period, Bitcoin trading volume has climbed by 29% to $117 billion, according to blockchain analytics platform CoinGlass.
The rally comes amid growing institutional interest in cryptocurrency assets, with analysts pointing to renewed optimism following the Trump administration's more crypto-friendly regulatory stance.
Bitcoin ETF inflows have accelerated in recent weeks, while on-chain data suggests accumulation by larger holders.
Wednesday's surge has pushed Bitcoin to within 23% of its all-time high of more than $126,000 set last October. Meanwhile, Ethereum has also benefited from the positive sentiment, climbing 7.5% in the past week, though it remains down about 32% from its own peak price set last August.
Looking ahead, Bitcoin futures traders have increased open interest by 3.6% in the past day. It now sits at $66.2 billion, according to CoinGlass.
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