MicroStrategy, Coinbase, and peers rally sharply amid Bitcoin’s rise and a market-wide short squeeze.
Crypto-related equities jumped on Wednesday, led by MicroStrategy (MSTR), which climbed 11.95% to $103.58. Coinbase (COIN) rose 9.05% to $159.47, while Circle (CRCL) and BitMine (BMNR) gained 9.44% and 9.68%, respectively, tracking Bitcoin’s advance toward $70,000.
The rally marks the sector’s strongest one-day performance this summer, with all four stocks hitting intraday highs before paring gains. MicroStrategy, which holds Bitcoin as treasury, peaked at $106.90, while Coinbase reached $165.74. The moves coincide with a broader short squeeze, as both firms rank among Wall Street’s most shorted large-cap stocks.
Bitcoin’s price surge drove the gains, as each company’s business model is directly tied to crypto markets. MicroStrategy’s Bitcoin holdings, Coinbase’s trading fees, Circle’s USDC stablecoin reserves, and BitMine’s Ethereum staking all benefit from rising crypto valuations.