Paul Johnson The crypto market served up a tale of two extremes on Thursday: while some crypto-linked stocks rocketed higher, others tied to direct bitcoin exposure crumbled—even as BTC itself nudged past $114,000.
🚀 Winners Take Off
Galaxy Digital (+12%): Mike Novogratz’s firm is riding multiple tailwinds. Fresh off leading a $1.65 billion Solana treasury raise, Galaxy is also well-positioned for surging demand in AI-driven data centers, with Microsoft’s billion-dollar hosting deal with Nebius highlighting the sector’s momentum.
Bitfarms (+18%): The miner’s story is evolving beyond bitcoin. With a former AWS exec now on its board and a push into high-performance computing, the stock has surged over 60% this week alone—a signal that investors see value in miners pivoting toward AI and cloud infrastructure.
Circle (+16%): The stablecoin giant staged a technical rebound after a brutal 60% slide since June. Even without a fresh catalyst, investors may be bottom-fishing as Circle remains a cornerstone of the USDC stablecoin ecosystem.
Other names like Coinbase, Robinhood, Marathon Digital, and Riot Platforms also rode the risk-on wave, handily outpacing broader equity markets (S&P 500 up 0.82%, Nasdaq 100 up 0.69%).
Bitcoin Treasury Vehicles Falter
Not all crypto-linked equities shared in the rally.
Metaplanet (-10%) and Nakamoto (-14%) both plunged, even as bitcoin itself advanced toward $115,000.
MicroStrategy (MSTR), the heavyweight BTC treasury play, stayed flat.
The divergence highlights a market paradox: investors are rewarding crypto firms with diversified strategies (AI, HPC, stablecoins), but punishing “pure BTC holders” that rely solely on price appreciation.
🔑 Key Takeaways
Diversification is winning – Firms branching into AI hosting, high-performance computing, or treasury management are attracting capital faster than bitcoin “HODL-only” vehicles.
Bitcoin’s steady climb helps, but isn’t enough – With BTC up modestly, the real alpha is coming from business models that go beyond just holding coins.
Technical rebounds matter – Circle’s rally shows how beaten-down names can bounce hard, especially in a risk-on market.
👉 Bottom line: The market is sending a clear message—crypto companies must innovate or risk being left behind. Investors are chasing stories that blend digital assets with AI, cloud, and infrastructure, not just those that ride bitcoin’s coattails.
