Cryptocurrency Stocks Hit Record Highs Amid Crypto Rally

Major cryptocurrency-related stocks surged on Wednesday, setting records for stock prices and closing market caps, reflecting growing institutional confidence as key digital assets reached all-time highs.

Record Performance for Coinbase

Online trading platform Coinbase (COIN) reached a record intraday high of $405.88, while its closing peak of $398.20 was the highest ever. Its market capitalization of $101.42 billion also set a new record close. The stock gained 2.6% for the day and 6.5% over the past week.

Simultaneously, MicroStrategy (MSTR) surpassed expectations, achieving a record closing market cap exceeding $128 billion. Despite trading at $455.90, up 3% daily and nearly 10% weekly, the stock did not hit an intraday high since November 2024 when it reached $542.99.

Institutional Confidence & Narratives

Analysts suggest the rally embodies increasing market faith in institutional crypto infrastructure. Coinbase is viewed as providing regulated entry points through USDC, ETH ETFs, and custodianship, while MicroStrategy functions as a “publicly traded Bitcoin proxy,” investing nearly $72 billion in the cryptocurrency.

“The rally reflects the market’s confidence in institutional crypto infrastructure,” noted Mike Cahill of Douro Labs. “Furthermore, the surge signals accelerating institutional appetite for digital assets.”

Doug Colkitt observed, “MicroStrategy’s valuation has become a leveraged bet on Bitcoin while Coinbase serves as infrastructure. Crypto stocks are being repriced as strategic gateways rather than purely speculative plays.”

Broader Crypto Market Surge

The gains at major crypto stocks coincided with significant rises across the cryptocurrency sector. Bitcoin set multiple all-time highs, contributing to a broader crypto rally that pushed leading stocks like Ethereum and XRP up over 20% weekly.

Other Digital Asset Stocks Respond

The crypto rally spread across the stock market, influencing companies linked directly or indirectly to specific cryptocurrencies:

• Ethereum treasury stocks SharpLink Gaming (SBET) jumped 29% and BitMine Immersion Technologies (BMNR) rose 12%.
• Solana treasury stocks DeFi Development Corp. (DFDV) climbed 23% while Upexi (UPXI) surged nearly 40%.
• Bitcoin miners like MARA Holdings (MARA) and CleanSpark (CLSK) saw modest gains of approximately 3% each.

While the major stock indices (S&P 500 and Nasdaq) saw slight gains, the focus remained squarely on the positive correlation between cryptocurrency performance and its affiliated equities.