Shares of crypto-linked companies jumped on Monday, as ether prices advanced after President Donald Trump signed into law a bill regulating stablecoins in the U.S. 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 Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. 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. Advertisement · Scroll to continue
Report This Ad Bitcoin , the world's biggest crypotcurrency, climbed about 1% on Monday, though it remains more than 3% 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. Advertisement · Scroll to continue
Report This Ad Shares of BitMine (BMNR.A), opens new tab, where tech billionaire Peter Thiel is the top investor and whose chairman is Fundstrat's Tom Lee, advanced 5.3%. Other ether holding firms Bit Digital (BTBT.O), opens new tab, BTCS (BTCS.O), opens new tab and SharpLink Gaming (SBET.O), opens new tab climbed between 3.1% and 12.6%, respectively. Stablecoin issuer Circle Internet (CRCL.N), opens new tab rose 1.9%, while crypto exchange Coinbase Global (COIN.O), opens new tab gained 2%. GameSquare Holdings (GAME.O), opens new tab jumped 4.6% after the Delaware-based company announced it was selling some of its shares to fund cryocurrency-related investments. Companies such as GameStop (GME.N), opens new tab have been rushing to add crypto to their balance sheets, following the footsteps of Strategy (MSTR.O), opens new tab. Shares of the largest corporate holder of bitcoin have skyrocketed nearly 3,000% since 2020 and climbed 2.2% on Monday. Donald Trump gathered tech and energy executives in Pennsylvania to talk about powering AI. He trumpeted $90 billion in related investments in the state. And he set big goals for the tech bosses in the audience.
Other cryptocurrencies also advanced, with Solana hitting its highest level since February. The ProShares Ultra Solana ETF (SLON.P), opens new tab also jumped 16.2%. The broader crypto sector's market value hit $4 trillion on Friday, according to CoinGecko data.
