Crypto Stocks Rally Behind Galaxy, Circle, Bitfarms as Metaplanet, Nakamoto Drop

Galaxy, Circle, Bitfarms Lead Crypto Stock Gains While Metaplanet, Nakamoto Fall

Crypto-related stocks surged Thursday even as the broader market remained relatively muted, with bitcoin holding just above $114,000.

Galaxy Digital (GLXY), Circle Internet (CRCL) and Bitfarms (BITF) posted double-digit gains as bitcoin climbed to $115,884, its highest since mid-August. Galaxy rose 12% after participating as a lead investor in Forward Industries’ $1.65 billion Solana treasury vehicle fundraising. Rising interest in data centers, fueled by large AI hosting deals such as Microsoft’s Nebius contract, may also be supporting the stock.

Bitfarms jumped 18%, extending weekly gains beyond 60%, bolstered by high-performance computing initiatives and the appointment of former AWS executive Wayne Duso to its board. Circle climbed 16%, reversing a months-long downtrend despite no new company-specific announcements.

Other crypto-related names including Coinbase (COIN), Robinhood (HOOD), Marathon Digital (MARA) and Riot Platforms (RIOT) also advanced, outperforming the broader S&P 500 (+0.82%) and Nasdaq 100 (+0.69%).

Meanwhile, bitcoin treasury vehicles Metaplanet (3355) and Nakamoto (NAKA) declined 10% and 14%, respectively, while MicroStrategy (MSTR) remained largely flat. The divergences came as bitcoin rebounded from early weakness tied to CPI inflation and higher U.S. jobless claims.