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Crypto Stocks Rally on Trump's Clarity Act Push

Wall Street Journal Markets •
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U.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, 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.”