Strategy Soars 12%, Coinbase Jumps 10% as Bitcoin Tops $80,000

Crypto-linked equities surged on Friday morning as Bitcoin broke past $80,000. The SPDR S&P 500 ETF Trust was down 0.1%, but Strategy and Coinbase Global led the market with gains of 12% and 11% respectively.

Nic Puckrin, founder of Coin Bureau, stated that once Bitcoin broke past its resistance level, short positions were liquidated and pushed the price higher.

The SEC's five-year exemption for tokenized stocks is a direct tailwind for Coinbase, which earns fees on every listed venue it operates. This gives Coinbase a cleaner path to distribute tokenized equity products to its user base.