Crypto Biz: Bitcoin pumps, Wall Street does the paperwork
Bitcoin’s move back above $80,000 lifted crypto stocks and highlighted how closely the sector now depends on traditional capital markets, with Treasury bond buybacks and improving risk appetite supporting the rebound. Miners, digital asset treasury firms, Coinbase and Robinhood all rose sharply alongside BTC and ETH. Circle is seen as entering a new USDC growth cycle, helped by renewed crypto momentum, regulatory clarity hopes, tokenized markets and payments adoption. Bernstein noted USDC supply rebounded and its share of stablecoin transaction volume has increased. For Strategy, the main risk is not a Bitcoin crash but losing access to capital markets needed to fund debt and preferred obligations. Its Bitcoin holdings still far exceed liabilities, but weaker equity markets could make financing harder. Solana also strengthened as onchain activity hit record highs and tokenized real-world assets on the network approached $4 billion.
