Bitcoin at High Leaves Crypto Stocks Mixed as Strategy, Galaxy Gain, Coinbase Falls

Bitcoin’s BTC climb to a record left crypto stocks with mixed reactions as some companies closely tied to the industry advanced while others fell.

The largest cryptocurrency by market capitalization rose more than 4% on Thursday, closing in on $118,000. It was recently trading at $117,700, up 5.78% over 24 hours.

Strategy (MSTR), the holder of the biggest BTC stash among publicly traded companies, rallied 3.2%, and Galaxy Digital (GLXY), which provides institutional services in crypto trading, added 4%. In Japan, Metplanet (3350), which is mimicking Strategy’s strategy of buying bitcoin for its treasury, rose 2.9% and The Blockchain Group (ALTBG), which is doing the same, rose 9.3% in Paris.

Bitcoin miners also rallied, with MARA Holdings (MARA) adding 3.2% and Hive Digital (HIVE) 2.1%. Riot Platforms (RIOT) gained 1.5%. A higher bitcoin price means the BTC they produce is becomes valuable.

Even so, some miners declined. Cipher Mining (CIFR) fell 2.5% and Bit Digital (BTBT) dropped 1%.

They weren’t alone. Crypto exchange Coinbase (COIN) lost1.6% and Circle Internet (CRCL), the issuer of the USDC stablecoin, slid 7%. It’s worth noting that Circle, at $204.8 a share, is still trading at more than six times its IPO price of just $31 a month ago.

Cantor Equity Partners (CEP), which is in the process of becoming a listed bitcoin investment company called Twenty One Capital, is up 8.2% after finishing Thursday’s session 9% higher.

UPDATE (July 11, 15:26 UTC): Updates prices throughout, rewrites first paragraph appropriately.

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