Data Center and Bitcoin Plays Drive Crypto Stock Rally
Shares of Galaxy Digital, Bitfarms, and Circle gained double digits Thursday amid bitcoin’s climb above $115,000.
Galaxy’s 12% rise followed its lead investment in Forward Industries’ $1.65 billion Solana treasury project. Investor enthusiasm for data centers, tied to AI hosting contracts like Microsoft’s deal with Nebius, may be boosting the stock.
Bitfarms jumped 18%, building on a week-long rally exceeding 60%, as the company pushes into high-performance computing and added Wayne Duso, a former AWS executive, to its board. Circle gained 16%, reversing a months-long decline with technical buying pressure.
Other crypto equities including Coinbase, Robinhood, Marathon, and Riot also posted gains, outperforming the S&P 500 and Nasdaq 100. Meanwhile, Metaplanet and Nakamoto lagged, down 10% and 14%, respectively, while MicroStrategy stayed flat.
