Crypto Stocks Rip Higher as Strategy Jumps 12%, Coinbase Climbs 9%
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- Strategy (MSTR) led the rally at 11.95% to $103.58, touching an intraday high of $106.90 before paring gains, while Coinbase (COIN) rose 9.05% to $159.47.
- Circle (CRCL) added 9.44% to $78.50 and BitMine (BMNR) gained 9.68% to $20.05, with each ticker also hitting a fresh intraday high before fading into the close.
- Bitcoin's surge toward $70,000 liquidated more than $1 billion in bearish crypto bets in a single hour, and the U.S. Treasury's announcement that it will at least double the size of its long-bond buyback program starting September lifted risk assets broadly.
- Strategy held 840,447 BTC and $4.8 billion in cash per its most recent filing, making MSTR function almost like a leveraged Bitcoin bet, while BitMine holds 5.82 million ETH tokens worth roughly $11.4 billion, equal to 4.8% of Ethereum's circulating supply.
- Strategy and Coinbase both rank among Wall Street's most shorted large-cap stocks — Coinbase is currently the fifth most shorted name in the financial sector — meaning the pop forced equity short sellers to cover alongside crypto derivatives bears.
- Even after Wednesday's spike, Strategy, Coinbase, and BitMine remain deeply negative year-to-date, with analysts split on whether the move marks a genuine turn or another short-covering pop.
- The rally landed hours before a White House meeting with President Trump, SEC and CFTC leadership, and crypto executives on market-structure rules, plus the release of the Federal Reserve's July meeting minutes — either could add fresh volatility before the close.
Why it matters: Strategy and Coinbase rank among Wall Street's most shorted large-cap stocks, so the 12% and 9% pops forced equity bears — not just crypto derivatives traders — to cover into a rising market, amplifying the move. The source notes all three remain deeply negative for the year despite the spike, leaving Bitcoin's ability to hold the $70,284 resistance zone as the test of whether this is a turn or another short-covering pop inside a longer downtrend.
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