Galaxy, Circle, Bitfarms Lead Crypto Stock Gains Amid Bitcoin Rally
Crypto-related stocks such as Galaxy Digital, Circle Internet, and Bitfarms posted significant gains as bitcoin rose to its highest level since mid-August.
Galaxy Digital, led by Mike Novogratz, increased by 12%, following its role as a lead investor in a $1.65 billion fundraising for a Solana treasury vehicle.
There is growing interest in data center investments, bolstered by tech giants like Microsoft securing AI hosting contracts.
Bitfarms expanded into high-performance computing and appointed Wayne Duso, a former AWS executive, resulting in an 18% stock increase, with over 60% gains this week.
Circle experienced a 16% rally potentially due to technical rebound factors after a substantial decline from its post-IPO peak.
Other crypto firms including Coinbase, Robinhood, MARA Digital, and Riot Platforms also saw stock advancements.
The companies outperformed broader markets, with S&P 500 and Nasdaq 100 seeing modest increases.
Bitcoin treasury vehicles Metaplanet and Nakamoto dropped by 10% and 14%, respectively, despite bitcoin's rise towards $115,000.
Strategy, the largest corporate BTC holder, remained largely unchanged amid these movements.
