Image credit: Strategy
Crypto-linked stocks rallied on August 19 as Bitcoin surged toward $70,000, lifting companies with direct exposure to digital asset prices and trading activity. Strategy shares rose 11.95% to $103.58, while Coinbase gained 9.05% to $159.47 during the session.
Circle climbed 9.44% to $78.50, while Ether treasury company BitMine Immersion Technologies gained 9.68% to $20.05. All four stocks reached higher intraday levels before giving back part of their gains later in the session.
Bitcoin Rally Lifts Crypto-Linked Stocks
Bitcoin climbed above $68,000 and approached $70,000 as crypto markets recorded one of their strongest daily moves in months. More than $1 billion in bearish crypto positions were liquidated within an hour during the move.
The companies have different forms of crypto exposure. Strategy directly holds Bitcoin on its balance sheet, Coinbase generates revenue from crypto trading and related services, Circle issues the USDC stablecoin, and BitMine holds and stakes Ether. Strategy reported holding 840,447 BTC in its latest weekly filing, helping explain why its stock can respond sharply to changes in Bitcoin prices.
Treasury Buybacks Coincide With Broader Market Gains
The rally also came after the U.S. Treasury announced that it would double the size of certain long-term bond buyback operations. Purchases of 10- to 30-year Treasury securities will increase from $2 billion to at least $4 billion per operation between September 9 and November 4.
Long-term Treasury yields moved lower after the announcement, while several risk assets also gained. Savvy Wealth Chief Investment Officer Anshul Sharma said the move “buys some time” and signals that Treasury has tools available when market conditions require them.
White House Meeting Adds Regulatory Focus
Crypto executives also met President Donald Trump at the White House on August 19. Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev and Kraken co-CEO Arjun Sethi were among those attending as Trump called on Congress to pass a “fair version” of the CLARITY Act.
The stock rally coincided with both Bitcoin’s sharp advance and those broader market and regulatory developments. Strategy, Coinbase and BitMine remained lower on a year-to-date basis despite the strong daily gains.
