Crypto stocks surge as Bitcoin tops $71K, $3B liquidated

Bitcoin rose 3.87% to $71,950.87, its biggest one-day gain since March, driving crypto-linked stocks higher premarket after President Trump backed crypto legislation.

According to CoinGlass data, about $3.3 billion in leveraged crypto bets were liquidated in the last 24 hours, with short positions totaling $3 billion. Ethereum and Bitcoin bets accounted for $1.73 billion and $1.15 billion respectively, marking the largest liquidation event of 2026.

Strategy Inc. [NASDAQ:MSTR] advanced 9.92% to $114.59 premarket as of 05:30 EDT after a 12.68% gain Wednesday, adding roughly $4.1 billion in market value. The stock moved 2.56 times Bitcoin's one-day gain. Coinbase Global rose 7.36% to $171.99, while MARA Holdings gained 5.80% to $10.21. Bitmine Immersion Technologies and Circle also advanced in premarket trading.

MSTR's treasury holds 840,447 Bitcoin acquired for $63.36 billion, worth $60.47 billion at current prices — a $2.89 billion shortfall, per Strategy's Bitcoin ledger. Last week, Strategy sold $333.7 million in common stock without adding Bitcoin, lifting its dollar reserve to $4.8 billion, according to its 8-K filing. The key test is whether future share issuance increases Bitcoin per diluted share, currently at 0.00198289 BTC.

The rally followed a White House meeting where Trump met with crypto executives and pushed lawmakers to advance crypto legislation. Treasury bond buying pushed long yields down, supporting risk assets. Bitcoin surpassed $68,000 on Wednesday before extending gains.

Ethereum rose nearly 20% to $2,200, a two-month high, while XRP gained over 15% and Solana rose over 13%, outperforming Bitcoin among major cryptocurrencies.

MSTR's beta of 2.56x means the stock amplifies Bitcoin moves in both directions. Analysts show strong conviction on Strategy, with 12 buy ratings, one hold, and zero sells, and an average price target of $257.75 — 147.2% above Wednesday's close. Targets range from $125 to $540. Coinbase carries 18 buys, six holds, and one sell with a $197.21 average target, while MARA has five buys, three holds, and one sell with a $15.50 target.

The share-sale dynamic adds complexity. With MSTR trading higher, Strategy can raise the same amount of capital by issuing fewer new shares. The question is whether upcoming issuances will increase Bitcoin per diluted share after accounting for preferred dividends, buybacks, and reserves.

Despite the rally, Bitcoin remains down about 17% for the year and roughly 43% below its record high of over $126,000 from October last year. The sustainability of the move depends on whether Bitcoin holds above $70,000 and whether the policy tailwind from the White House translates into actual legislation.

This article is for informational purposes only and does not constitute investment advice.