Crypto Stocks Continue Surge Premarket After Upbeat White House Meeting

By Joe StonorU.S. stocks linked to cryptocurrencies extended Wednesday's rally premarket as investors jumped on President Trump's reaffirmed support for crypto-friendly legislation.In a White House meeting with industry executives, Trump urged Congress to pass the Clarity Act, which is currently stalled amid disagreement over ethics language.If passed, it would establish a regulatory framework for digital currencies, allowing for greater integration of Bitcoin and its peers into the U.S. economy.Bitcoin rallied close to $72,000 in response to Trump's comments, trading up 4.1% to $71,867.90--a jump of more than 21% on its July low.Shares in related stocks surged, too, with crypto exchange Hyperliquid Strategies a standout. The stock leapt 30% in the last session before rising a further 7.5% in premarket trade Thursday.The company was name-checked by the president, who said the Commodity Futures Trading Commission was working to bring the company into the U.S. "in a fully compliant legal fashion."Shares in Coinbase, another prominent exchange whose Chief Executive Brian Armstrong attended Wednesday's meeting, jumped close to 8% premarket.Elsewhere, crypto holding group Strategy stock jumped 9.4%, building on a 13% gain in the last session, while Mara Holdings added 5.5%.Renewed crypto exuberance was also bolstered by the U.S. Treasury's surprise move to increase its buybacks of longer-dated bonds, lowering borrowing costs and buoying riskier assets.Trump's openness to cryptocurrencies has helped to reduce regulatory uncertainty for the industry, and encouraged major financial institutions to take the crypto ecosystem seriously, said Naeem Aslam, chief investment officer at Zaye Capital Markets.Later Thursday, the Commodity Futures Trading Commission will host the first meeting of its Innovation Advisory Committee, which will focus on topics including crypto assets, artificial intelligence and prediction markets.Write to Joe Stonor at [email protected]