Crypto stocks surge as bitcoin reaches three-month peak

U.S. cryptocurrency stocks experienced a surge on Thursday as Bitcoin reached its highest level in three months. Bitcoin, the world's leading cryptocurrency, increased by 4.8% to $81,105.73. Notable gains were seen among crypto exchange Coinbase Global, which jumped 10.6%, and bitcoin-focused company Strategy, which gained 15%. Trading platform Robinhood Markets saw a rise of 16.3%, and Webull added 12%.

The rally in Bitcoin was attributed to U.S. President Donald Trump urging Congress to pass a crypto bill and the Treasury Department's support for long-dated bonds. Gains were also observed among cryptocurrency mining companies, with Riot Platforms climbing 11.4%, Mara Holdings rising 10%, and Bit Digital increasing 15.8%. Shares of American Bitcoin, backed by the president's sons, surged 18.4%.

Stablecoin issuer Circle Internet gained 15.8%, while bitcoin mining machine maker Canaan jumped 23.4%.