Bitcoin rally sends crypto stocks soaring as miners, treasury companies jump

A surge in Bitcoin prices above $79,000 triggered a surge in crypto stocks, with miners and treasury companies leading the charge. Canaan, Strive, and Metaplanet reported double-digit gains, while other mining and digital asset treasury companies followed suit. The rally in crypto markets was driven by a Treasury announcement to double certain long-dated bond buybacks, which aimed to bolster liquidity in the Treasury market and boost risk appetite.

Canaan, a Bitcoin miner, led the charge, with its shares climbing over 25% on Friday. MARA Holdings and Strive, which holds over 20,000 Bitcoin on its balance sheet, also saw significant gains, jumping nearly 16% each. Japan-listed Metaplanet, which recently expanded its Bitcoin treasury strategy by acquiring Super League Enterprise, also rose more than 16%.

Crypto-related stocks rallied as Bitcoin's weekly gain extended to over 23%, briefly surpassing $79,000. Ether also surged nearly 30%, climbing above $2,400. The recovery in Bitcoin spilled over into publicly traded companies with exposure to digital assets, as crypto exchange Coinbase and brokerage platform Robinhood posted double-digit percentage gains.

The prospect of the US government acquiring Bitcoin at a "sizable" scale, as suggested by President Donald Trump's calls for Congress to advance the CLARITY Act, also provided a boost to digital asset markets. The CLARITY Act, though still stalled, is seen as a potential significant step towards establishing clearer regulatory frameworks for digital assets in the US, including defining oversight roles for the Commodity Futures Trading Commission and the Securities and Exchange Commission.