Crypto-linked stocks advance after Trump signs stablecoin law
(Reuters) — Shares of crypto-linked companies jumped on Monday, as ether prices advanced after President Donald Trump signed into law a bill regulating stablecoins in the U.S.
Trump signed the GENIUS Act late on Friday, marking a huge win for crypto supporters, who have for long lobbied for a regulatory framework to gain greater legitimacy for the industry.
The bill was passed in the House of Representatives by a vote of 308 to 122, with support from nearly half the Democratic members and most Republicans. It had earlier been approved by the Senate.
The bill bans yields or interest payments on regulated stablecoins, which Deutsche Bank said is leading to a rise in Ethereum prices, on expectations that investors are moving into the world's second biggest cryptocurrency as an alternative for yield generation in decentralized finance.
US-listed shares of crypto-linked companies rose in premarket trading on Monday as bitcoin (BTC-USD) rallied.
Shares of BitMine (BMNR), where tech billionaire Peter Thiel is the top investor and whose chairman is Fundstrat's Tom Lee, advanced 4.7% Other ether-holding firms Bit Digital (BTBT), BTCS (BTCS), and SharpLink Gaming (SBET) climbed about 2%, 9%, and 10%, respectively.
Stablecoin issuer Circle Internet (CRCL) and crypto exchange Coinbase Global (COIN) both saw their stock gain around 2%.
GameSquare Holdings (GAME) jumped 4% after the Delaware-based company announced it was selling some of its shares to fund cryocurrency-related investments.
Companies such as GameStop (GME) have been rushing to add crypto to their balance sheets, following the footsteps of Strategy (MSTR). Shares of Strategy, the largest corporate holder of bitcoin, have skyrocketed nearly 3,000% since 2020 and climbed 2% on Monday.
In cryptocurrencies, bitcoin (BTC-USD) climbed about 1%, though it remains more than 3% away from its all-time high of $123,153 hit last week.
Ether (ETH-USD) was last trading at $3,783.2, hovering near its highest level since December 2024.
Other cryptocurrencies also advanced, with Solana (SOL-USD) hitting its highest level since February. The ProShares Ultra Solana ETF (SLON) also jumped more than 15%.
The broader crypto sector's market value hit $4 trillion on Friday, according to CoinGecko data.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Arun Koyyur)
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