Crypto Stocks Rip Higher as Strategy Jumps 12%, Coinbase Climbs 9%
Crypto-linked stocks staged their strongest one-day rally of the summer. Strategy (MSTR) jumped 11.95%, Coinbase (COIN) rose 9.05%, Circle (CRCL) gained 9.44%, and BitMine (BMNR) added 9.68%, with each hitting fresh intraday highs before easing late in the session. The move tracked Bitcoin’s squeeze toward $70,000, which triggered more than $1 billion in bearish liquidations in an hour, while a Treasury announcement to expand bond buybacks also lifted risk assets. The group is tied to crypto in different ways: Strategy holds Bitcoin directly, Coinbase benefits from trading activity, Circle earns yield on USDC reserves, and BitMine holds and stakes Ethereum. Strategy and Coinbase also face heavy short interest, so part of the rally likely reflected short covering. Despite the surge, several of these stocks remain deeply negative for the year, and near-term direction likely depends on Bitcoin’s ability to hold key resistance.
