Crypto stocks and exchange-traded products kicked off the week on a strong note as Bitcoin (BTC) surged past $125,000, setting a new record high. The rally, which began over the weekend, has reignited investor enthusiasm for the broader digital asset market, lifting crypto-related equities and funds to fresh highs.
Bitcoin’s record-breaking run is being fueled by a renewed appetite for risk among investors, who have been piling into assets tied to the cryptocurrency sector amid the US government shutdown stalemate.
Stocks of Bitcoin miners and crypto holders rise
Bitcoin miners were among the biggest beneficiaries of the surge.
HIVE Digital jumped 21% after reporting a 138% year-over-year rise in BTC production. Riot Platforms gained 10%, while Bitfarms climbed 12%. MARA Holdings rose 6.4%, Hut 8 advanced 4.5%, and Bit Digital added 6.3% in midday trading.
These gains reflect the sector’s sensitivity to bitcoin’s price, as miners typically see their profitability expand sharply when the cryptocurrency’s value climbs.
Strategy, one of the largest corporate holders of BTC, also saw its shares rise 1.4% after revealing a $3.89 billion unrealized gain on its holdings during the third quarter.
The company did not purchase new BTC during the past week, marking its first pause since April, but investors appeared encouraged by its growing paper profits.
Other companies with significant bitcoin exposure, such as Zooz Power and Bitmine Immersion Technologies, also traded higher.
Exchanges and stablecoin issuers ride the wave
Crypto exchanges and digital finance firms joined the rally as well.
Coinbase Global rose nearly 2%, while Gemini Space Station climbed more than 4%. Bullish, another exchange, added 1.5%.
Galaxy Digital, the investment firm run by Mike Novogratz, jumped 6.2% after unveiling a new financial platform aimed at US retail investors. The platform promises high yields on fiat, crypto, and equity trades all in one place, a move that analysts say could attract a new wave of retail participants.
Stablecoin issuer Circle Internet Group gained 3.4%, while blockchain-based lender Figure Technology Solutions rose 6.3%. Both companies went public earlier this year and have become closely watched as indicators of investor confidence in the sector’s infrastructure.
Crypto ETFs mirror the crypto market’s strength
Crypto exchange-traded funds (ETFs) also rallied alongside bitcoin.
The iShares Bitcoin Trust gained 1.8%, while Fidelity’s Wise Bitcoin Origin Fund rose 1.9%. The Bitwise 10 Crypto Index Fund added 1%, and the Global X Blockchain ETF surged 6%. Fidelity’s Crypto Industry and Digital Payments ETF climbed 3.7%, underscoring growing investor demand for diversified crypto exposure through regulated financial products.
The surge in these funds reflects increasing integration between digital assets and mainstream financial markets. Even as new spot crypto ETF approvals remain paused due to a US government shutdown, the momentum from existing funds continues to attract inflows.
This indicates rising comfort among both retail and institutional investors in treating bitcoin as part of broader investment strategies.
Risk appetite and the ‘digital gold’ trade
The broader stock market’s strength has also helped propel bitcoin higher.
With global equities near record levels, traders have been more willing to take on risk. Bitcoin, long viewed as a volatile asset, has benefited from this shift. But the rally is not just about speculation—it is also being driven by what analysts call the “debasement trade.”
JPMorgan’s Nikolaos Panigirtzoglou, in a research note last week, said that investors are increasingly viewing BTC as an alternative to gold amid concerns about government debt and geopolitical instability. Fundstrat’s head of digital asset strategy, Sean Farrell, echoed this view, suggesting that a rotation from “analog gold” into “digital gold” may be underway. Notably, both analysts point to bitcoin’s relative value compared to gold after the metal’s steep climb in recent weeks.
The growing consensus is that bitcoin’s strength, coupled with expanding institutional participation and greater accessibility through ETFs, is reshaping how investors think about digital assets. For now, crypto stocks and funds appear poised to benefit as long as bitcoin remains near its record highs.