Crypto-linked stocks advance after Trump signs stablecoin law
Trump signed the GENIUS Act late on Friday, marking a huge win for crypto supporters, who have for long lobbied for a regulatory framework to gain greater legitimacy for the industry.
The bill was passed in the House of Representatives by a vote of 308 to 122, with support from nearly half the Democratic members and most Republicans. It had earlier been approved by the Senate.
Bitcoin, the world's biggest crypotcurrency, climbed about 1 per cent on Monday, though it remains more than 3 per cent away from its all-time high of $123,153 hit last week.
The bill bans yields or interest payments on regulated stablecoins, which Deutsche Bank said is leading to a rise in Ethereum prices, on expectations that investors are moving into the world's second biggest cryptocurrency as an alternative for yield generation in decentralized finance.
Ether was last trading at $3,783.2, hovering near its highest level since December 2024.
U.S.-listed shares of companies, which have been adding cryptocurrencies to their coffers lately, were on the rise on Monday.
Shares of BitMine, where tech billionaire Peter Thiel is the top investor and whose chairman is Fundstrat's Tom Lee, advanced 5.3 per cent. Other ether holding firms Bit Digital, BTCS and SharpLink Gaming climbed between 3.1 per cent and 12.6 per cent, respectively.
Stablecoin issuer Circle Internet rose 1.9 per cent, while crypto exchange Coinbase Global gained 2 per cent.
GameSquare Holdings jumped 4.6 per cent after the Delaware-based company announced it was selling some of its shares to fund cryocurrency-related investments.
Companies such as GameStop have been rushing to add crypto to their balance sheets, following the footsteps of Strategy. Shares of the largest corporate holder of bitcoin have skyrocketed nearly 3,000 per cent since 2020 and climbed 2.2 per cent on Monday.
Other cryptocurrencies also advanced, with Solana hitting its highest level since February. The ProShares Ultra Solana ETF also jumped 16.2 per cent.
The broader crypto sector's market value hit $4 trillion on Friday, according to CoinGecko data.
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