Crypto Stocks Rip Higher as Strategy Jumps 12%, Coinbase Climbs 9% — SkimNews
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- Strategy (MSTR) led crypto-linked equities, up 11.95% to $103.58, touching an intraday high of $106.90 (+13.07% off its open) as the firm's 840,447 BTC treasury made its share price function as a leveraged Bitcoin bet.
- Coinbase (COIN) climbed 9.05% to $159.47 (intraday high of $165.74, +12.37%), with the rally squeezing equity short sellers since Coinbase is currently the fifth most shorted stock in the financial sector.
- Circle (CRCL) rose 9.44% to $78.50 and BitMine (BMNR) added 9.68% to $20.05, each tied to crypto via USDC stablecoin reserves and 5.82 million ETH tokens (≈4.8% of Ethereum's circulating supply), respectively.
- The equity pop tracks Bitcoin's own short squeeze toward $70,000, which liquidated more than $1 billion in bearish crypto bets in a single hour.
- The U.S. Treasury announced it would at least double the size of its long-bond buyback program starting in September, a liquidity-easing move that lifted risk assets broadly with the total crypto market growing more than 5%.
- Even after Wednesday's spike, Strategy, Coinbase, and BitMine remain deeply negative for the year, with analysts split on whether this marks a genuine turn or another short-covering pop inside a longer downtrend.
- The move came within hours of a White House meeting where Trump is expected to sit with SEC and CFTC leadership and crypto executives on market-structure rules, plus the Fed's July meeting minutes, both due later Wednesday.
Why it matters: The rally is squeezing two layers of bears at once: crypto derivatives traders who bet against Bitcoin near $70K, and equity short sellers who bet against MSTR and COIN — two of Wall Street's most-shorted large caps. With Strategy holding 840,447 BTC and BitMine holding 4.8% of Ethereum's supply, these Nasdaq tickers now function as leveraged proxies for the coins themselves, meaning a genuine break above Bitcoin's $70,284 resistance zone would force more than just crypto-native traders to cover.
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