Shares of Strategy (formerly MicroStrategy) and Coinbase Global surged on Thursday as Bitcoin climbed back above the $80,000 mark, igniting a broad rally across cryptocurrency-related equities. Strategy jumped more than 15%, while Coinbase advanced over 10% to trade above $193.
The rebound in digital assets came as Bitcoin rose nearly 5% over the past 24 hours to $80,982.09. The move coincided with lower Treasury yields and a softer dollar, which helped improve risk appetite among investors. Federal Reserve Governor Christopher Waller's comments indicating a preference for holding interest rates steady also contributed to the upbeat sentiment, easing concerns about tighter monetary policy.
Strategy's Bitcoin bet and AI initiative
Strategy's stock performance remains closely tied to Bitcoin's price swings. The company disclosed earlier this week that it had resumed buying Bitcoin after a two-month pause. On Thursday, its shares traded above $142.09, sitting 31% above their 200-day simple moving average of $107.94.
Beyond its crypto holdings, Strategy announced a new collaboration with Google Cloud. The two firms launched the AI Transformation Forum, a seven-city executive series across the U.S. designed to help organizations scale artificial intelligence using trusted data, governance, and business context. The events are scheduled for this fall in New York, Boston, Washington, D.C., Sunnyvale, Chicago, Dallas, and Atlanta, focusing on enterprise data, semantic layers, AI governance, and moving AI projects from pilots to production.
Coinbase and other crypto-linked stocks rally
Coinbase, the largest U.S. crypto exchange, also benefited from the market rebound. The company recently launched derivative contracts in Canada on September 2. Its stock surge came as major cryptocurrencies posted gains: Ethereum rose 4.5% to $2,497.93, and XRP gained around 9% to $1.45.
The rally extended beyond Strategy and Coinbase. Circle Internet Group shares jumped more than 15% to above $102, while Bitmine Immersion Technologies gained 13% to over $26. Robinhood Markets climbed more than 15% to above $124, following Morgan Stanley's price target increase from $124 to $150. Galaxy Digital also advanced over 11% to $26 after Morgan Stanley raised its target from $37 to $48.
The broader move in crypto-linked equities came as digital assets recovered from recent weakness. Bitcoin's return above $80,000 provided a stronger backdrop for companies whose fortunes are tied to cryptocurrency trading, holdings, or related services. For Strategy and Coinbase, Thursday's gains were part of a wider recovery, with investors also weighing shifting expectations around U.S. monetary policy and financial conditions.
This article is for informational purposes only and does not constitute financial advice.
