Crypto linked stocks continued their upward move on Friday as Bitcoin climbed above the $75,000 level for the first time since May. The advance in Bitcoin and related equities followed recent steps by U.S. officials that improved market sentiment around digital assets.
Bitcoin traded near $75,000 to $76,000 early Friday after rising more than $10,000 over the prior two days. The cryptocurrency was on track for a weekly gain of around 20 percent, its strongest weekly performance in more than two years. Ether also advanced, trading near $2,300 to $2,350. The move was supported by a short squeeze that liquidated roughly $2.7 billion in crypto short positions, according to market data providers.
Shares of major crypto companies rose in tandem. On Thursday, Coinbase Global closed higher by about 7.5 percent, Strategy (formerly MicroStrategy) gained around 7.8 percent, and Circle Internet Group advanced about 6.5 percent. Mining firms such as Mara Holdings rose more than 15 percent in some sessions. In Friday premarket trading, Strategy was up about 9 to 10 percent, Coinbase gained more than 5 percent, and Mara Holdings advanced around 5 percent. Other related names, including Riot Platforms and Robinhood Markets, also posted gains.
The price action tracked two main developments. First, Treasury Secretary Scott Bessent announced that the U.S. Treasury would at least double its long-term bond buyback operations, increasing them from $2 billion to at least $4 billion per transaction starting in September. The step helped pull back longer-term Treasury yields and supported risk assets, including cryptocurrencies.
Second, President Donald Trump hosted executives from companies including Coinbase, Robinhood, Kraken, and Ripple at the White House. At the meeting, Trump called on Congress to pass a fair version of the CLARITY Act, legislation that would set clearer rules for classifying digital assets as securities or commodities and assign oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The bill has passed the House but remains stalled in the Senate, with a procedural vote scheduled for September. Separately, the SEC proposed a new framework called Regulation Crypto Assets that would create tailored exemptions for certain crypto offerings.
These steps involving the White House, Treasury, and regulators coincided with the rebound in Bitcoin from levels near $63,000 earlier in the week. U.S. spot Bitcoin exchange-traded funds also recorded inflows of more than $1 billion during the period. Bitcoin remains well below its previous record high above $126,000 and is still down for the year.
