Crypto-Linked Stocks Surge as Bitcoin and Ethereum Rally

Crypto-linked stocks are surging as Bitcoin and Ethereum rally. Strategy (MSTR) led the charge, rising 17.56% to close at $144.82. The company's latest purchase of 4,603 BTC for $370 million helped turn sentiment bullish.

MSTR also benefited from its partnership with Google Cloud, which includes a seven-city U.S. executive forum series focused on enterprise AI and secure database tools. B. Riley Securities raised its MSTR price target to $175, pointing to the long-term value of Strategy's Bitcoin-focused treasury strategy.

Meanwhile, Bitmine Immersion Technologies (BMNR) shares jumped 14.70% to close at $26.45 as investors focused on the company's growing Ethereum holdings. BMNR bought 53,501 ETH for $131.3 million last week, increasing its total Ethereum holdings to 5.90 million ETH and bringing its digital asset and cash holdings to around $15.6 billion.