Crypto Stocks Keep Climbing in Tandem with Bitcoin — Update

By Dean Seal and Joe Stonor

U.S. stocks linked to cryptocurrencies extended this week's rally to Friday, climbing alongside Bitcoin following President Trump's recent show of support for crypto-friendly legislation.

Trump met with crypto industry executives this week to publicly urge Congress to pass the Clarity Act, which would establish a favorable regulatory framework for digital currencies. The bill has stalled in Congress, but is expected to go to the Senate floor for a vote next month.

Bitcoin rallied after Trump's comments, rising 21% over the past week to $76,774.30. It has gained 7% between Thursday and Friday mornings, and is on track for its best week since March 2023.

The president on Wednesday namechecked crypto exchange Hyperliquid Strategies, which has seen its stock surge more than 50% in the past week through Thursday's close. Shares were up another 7% at $10.79 after the opening bell.

Shares of the prominent exchanges Coinbase and Robinhood Markets were up 7% and 7.6%, respectively. Crypto holding group Strategy's stock rose 5.1% to $118.09 and Mara Holdings was up 7.7% at $12.01.

Coinbase's chief executive, Brian Armstrong, was among the executives at Wednesday's meeting with Trump. He said in an interview on CNBC afterward that he was optimistic that the Clarity Act would be passed given Senate majority leader John Thune decision to put it to a floor vote in mid-September.

"[Thune] would not have scheduled this on Sept. 15 if he didn't think it would pass," Armstrong said.

As well as an increasingly upbeat regulatory outlook, Treasury Secretary Scott Bessent's surprise bond market intervention also helped spur crypto tokens higher, analysts said.

"The strong trigger in Bitcoin was driven by Treasury's move to buy back bonds at the longer end of the yield curve. We are not macro experts, but we do know Bitcoin historically has had a positive reaction to liquidity expansion," Bernstein analysts say in a note.

Some analysts cautioned that it might be too soon to call the start of a new crypto bull run, however. Investors have yet to show significant enthusiasm by buying into the rally, with flows into crypto-related exchange traded products weak, Jefferies analyst Andrew Moss wrote in a note to clients.

"It remains premature to call an end to the current crypto correction or the beginning of a climb to new highs."

Write to Dean Seal at dean.seal@wsj.com and Joe Stonor at josephmichael.stonor@wsj.com

(END) Dow Jones Newswires

August 21, 2026 10:10 ET (14:10 GMT)