Strategy, Coinbase stocks rally as Bitcoin reclaims $80,000

Strategy Inc. (formerly known as MicroStrategy) MSTR and Coinbase Global Inc. COIN shares surged on Thursday as Bitcoin rebounded above the $80,000 level, lifting several crypto-linked stocks.

Strategy shares gained more than 15%, while Coinbase stock rose more than 10% to trade above $193.

The broader rally followed a sharp recovery in the cryptocurrency market, with Bitcoin climbing nearly 5% over the past 24 hours to $80,982.09.

The move in crypto markets came alongside lower Treasury yields and a weaker dollar.

Federal Reserve Governor Christopher Waller’s comments that he is inclined to support holding interest rates steady may have further supported speculative assets by easing concerns over tighter monetary policy and improving risk appetite.

Strategy Stock Rallies as Bitcoin Reclaims $80,000

Strategy has remained closely tied to Bitcoin’s price performance.

The company disclosed earlier this week that it had bought Bitcoin after a two-month pause.

On Thursday, the stock rallied nearly 15% to trade above $142.09. The shares were trading 31% above their 200-day simple moving average of $107.94.

Beyond its crypto exposure, Strategy also announced a new initiative with Google Cloud on Thursday.

The companies launched the AI Transformation Forum, a seven-city US executive series aimed at helping organizations scale artificial intelligence using trusted data, governance and business context.

The events will take place this fall in New York City, Boston, Washington, D.C., Sunnyvale, California, Chicago, Dallas and Atlanta.

The forums will focus on enterprise data, semantic layers, AI governance, token and compute efficiency, and moving AI projects from pilots into production.

Coinbase stock gains more than 10%

Coinbase was another major beneficiary of Thursday’s crypto-market rebound. The exchange’s stock surged more than 10% to trade above $193.

The company, described in the provided text as the largest crypto trading exchange in the United States, launched derivative contracts in Canada on Sept. 2.

Coinbase’s stock performance came as Bitcoin, Ethereum and XRP all posted gains. Ethereum rose 4.5% to $2,497.93, while XRP gained around 9% to $1.45.

The broader move was not limited to Strategy and Coinbase.

Circle Internet Group shares jumped more than 15% to above $102, while Bitmine Immersion Technologies gained 13% to above $26.

Crypto-linked stocks follow market rebound

Other crypto-related stocks also advanced sharply on Thursday.

Robinhood Markets rose more than 15% to above $124 after Morgan Stanley recently increased its price target from $124 to $150.

Galaxy Digital shares climbed more than 11% to $26 after Morgan Stanley raised its price target from $37 to $48.

The gains across crypto-linked equities came as digital assets recovered from recent weakness.

Bitcoin’s move back above $80,000 provided a stronger backdrop for companies whose shares are closely associated with cryptocurrency trading, holdings or related services.

For Strategy and Coinbase, Thursday’s gains came alongside a broader recovery in the crypto market, with investors also assessing changing expectations around US monetary policy and financial-market conditions.