Crypto stocks jump as bitcoin suddenly breaks $90,000; HUT and COIN lead gains

Shares of crypto-linked companies are rallying after the price of bitcoin BTC$87,018.43 surged more than 2.8% in an hour to rise above $90,000, marking a fresh high and reigniting interest across the sector.

The price jump triggered gains across mining stocks, trading platforms and cryptocurrency infrastructure firms. Bitcoin miner Hut 8 (HUT) outperformed the wider sector, rising 14.4% to $42, while rival CleanSpark (CLSK) saw a 5.1% rise after the opening bell to top $12, and Riot Platform (RIOT) rose 3.5% to near $14.

These mining firms depend heavily on bitcoin’s price for revenue, with rising BTC prices often meaning fatter mining margins and a more sustainable environment. However, HUT had surged 20% in early trading after announcing a 15-year, $7 billion lease agreement with AI infrastructure firm Fluidstack.

Potential catalysts for the broader rally include traders weighing the possibility of Fed Governor Chris Waller as the frontrunner to succeed Jerome Powell as the next Federal Reserve Chair. Waller has made dovish comments, saying the neutral fed funds rate may be 50 to 100 basis points below previous expectations.

Coinbase (COIN), the largest publicly traded crypto exchange in the U.S., also posted solid gains, up 2.27% to $258. The company earns a cut of trading volume, which typically spikes during volatile periods, as December has been proving to be.

The company is also set to unveil a series of upgrades later in the day, which are expected to include tokenized assets, onchain AI agents, and additional Base features.

Bitcoin treasury firm Strategy (MSTR), which holds 671,268 BTC worth $60.3 billion, rose 1.6% to $170. While bitcoin rose to surpass the $3,000 mark, several other cryptocurrencies saw similar performance, with ether increasing 2.3% in an hour to surpass $3,000 and XRP rising 2.5% to near $2.

The broader crypto market is showing signs of renewed momentum after weeks of consolidation.