Crypto markets show renewed strength
Bitcoin climbed above $94,000 on Monday, hitting its highest point in about a month. The price movement seems to have sparked a broader rally across the cryptocurrency space. According to CoinGecko data, Bitcoin reached $94,634 during the day before settling around $94,103. That represents a gain of more than 3% in just 24 hours.
Ethereum followed a similar pattern, though it didn’t quite reach its one-month high. ETH traded at $3,253 at one point and was recently changing hands at $3,241. The more surprising move came from XRP, which jumped an impressive 11% in a single day to reach $2.34. That’s the highest price XRP has seen since November.
Public companies ride the wave
The cryptocurrency rally appears to have spilled over into publicly traded crypto companies. Coinbase shares gained nearly 8% by market close, finishing just under $255. The exchange made some news of its own with a promotional giveaway offering one Bitcoin plus a trip to Melbourne for an Aston Martin F1 experience.
Robinhood saw similar momentum, with its stock rising almost 7% to close at $123. The trading platform has been focusing more on prediction markets lately, offering contracts on everything from Oscar winners to music festival headliners.
What’s interesting here is that these are already substantial companies. Coinbase has a market capitalization around $69 billion, while Robinhood sits at about $111 billion. Their gains were significant, but smaller firms actually saw even bigger percentage increases.
Smaller players post double-digit gains
Bitcoin mining companies Iris Energy and Hut 8 both jumped around 13% on Monday. Iris Energy reached $48.24 per share, while Hut 8 climbed to $58.25. But here’s the thing—these gains might not have much to do with Bitcoin mining itself.
Iris Energy recently signed a $9.7 billion deal with Microsoft, promising to provide significant computing capacity to the tech giant by 2026. Hut 8, meanwhile, inked a Google-backed AI agreement worth up to $17.7 billion over 15 years. Both companies seem to be diversifying beyond cryptocurrency mining into broader data center and AI infrastructure.
Other crypto-related stocks also posted solid gains. Gemini exchange shares rose 7%, BitMine Immersion Technologies gained 7%, and Strategy increased almost 5%. The pattern suggests investors might be looking at these companies through a different lens now—not just as crypto plays, but as technology infrastructure providers.
What this might mean
I think we’re seeing something interesting here. When cryptocurrency prices rise, related stocks often follow. That’s not new. But the magnitude of gains for companies with major tech partnerships suggests investors might be valuing them differently.
Perhaps the market is starting to recognize that these firms have diversified revenue streams beyond just cryptocurrency trading or mining. The Microsoft and Google deals for Iris Energy and Hut 8 are substantial commitments that extend years into the future.
Still, it’s worth being cautious. Cryptocurrency markets remain volatile, and stock prices can swing just as dramatically. The connection between crypto prices and related stocks isn’t always straightforward or predictable.
What seems clear is that Monday’s trading activity showed renewed interest across the board—from major cryptocurrencies to the companies that support and benefit from them. Whether this momentum continues is another question entirely, but for now, the numbers tell a story of broad-based gains.
