Crypto-linked stocks advance after Trump signs stablecoin law
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 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% 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. Shares of BitMine , 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 , BTCS and SharpLink Gaming climbed between 3.1% and 12.6%, respectively. Stablecoin issuer Circle Internet rose 1.9%, while crypto exchange Coinbase Global gained 2%. GameSquare Holdings 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 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% since 2020 and climbed 2.2% on Monday. Other cryptocurrencies also advanced, with Solana hitting its highest level since February. The ProShares Ultra Solana ETF (SLON.P) also jumped 16.2%. The broader crypto sector's market value hit $4 trillion on Friday, according to CoinGecko data.