Shares of Strategy, Inc. (MSTR) jumped 12.3% to $148.94 on Wednesday, marking a sharp rebound for the Bitcoin proxy after months of losses.
Coinbase Global (COIN) rose 16.2% to $211.84, extending its recent rally, while Robinhood Markets (HOOD) gained 8.5% to $82.50.
The moves comes as Bitcoin surged past $73,000 this morning, hitting a one-month high after recovering from six straight weekly losses and five months of declines.
The rebound came as traders covered bearish bets and adjusted positions, following heavy shorting amid fears of an escalating conflict in Iran.
Bitcoin mining and crypto services stocks also advanced. Galaxy Digital Holdings (GLXY) climbed 15% to $23.78, underscoring the broader sector’s sensitivity to Bitcoin momentum. Marathon Digital (MARA) rose 6.76% to $9.24 today, adding $0.59 per share.
Broadly speaking, many crypto-related stocks and altcoins are following Bitcoin’s lead and posting strong green days.
Earlier this week, Strategy purchased 3,015 bitcoin for around $204 million, raising its total holdings to 720,737 BTC acquired at an average of $75,985 per coin. The current bitcoin price is getting near to that average.
Bitcoin moves after Coinbase meets with President Trump
Yesterday, President Donald Trump met privately with Coinbase CEO Brian Armstrong. The meeting came just before Trump criticized banks for blocking progress on cryptocurrency legislation, aligning with Coinbase’s stance.
On Truth Social, Trump said banks “need to make a good deal with the Crypto Industry” and called it unacceptable that the recently passed GENIUS Act is “being threatened and undermined by the Banks.”
The dispute revolves around whether crypto exchanges can offer rewards programs that pay annual percentage yields on stablecoins, digital tokens pegged to $1.
Banks argue such yields could siphon deposits from traditional accounts, threatening lending operations, and are pushing for a ban in pending Senate legislation. Coinbase and other digital asset firms oppose restrictions, claiming they would stifle innovation and competition.
In January, Armstrong opposed amendments to the crypto bill limiting stablecoin rewards. Senate markup of the legislation was postponed, leaving the bill stalled.
The White House has attempted mediation between banks and crypto firms, but no resolution has been reached.
At the time of writing, Bitcoin is trading above $73,000 with an intraday high of $73,800. It is up roughly 8% on the day.