Crypto-linked equities are surging in premarket trading Wednesday morning. Strategy (Nasdaq: MSTR) is up 6.7%, Coinbase (Nasdaq: COIN) is up 5.6%, and Circle (NYSE: CRCL) is up 2.9% as of 7:55 AM ET, with Bitcoin providing the fuel for all three moves.
Bitcoin’s Rebound Drives the Rally
The primary catalyst is a sharp recovery in Bitcoin prices. Bitcoin closed at $65,769 on March 1 before rebounding to $68,832 on March 2 and hitting $71,500 this morning.
According to CoinDesk’s Wednesday morning report, the climb through $71,000 has been driven by a combination of improving macro sentiment, renewed institutional interest, and easing fears around broader risk-asset selling. That kind of macro tailwind does not stay contained to Bitcoin. It flows directly into every publicly traded company with meaningful crypto exposure.
Why These Three Names Move Together
Each of these companies has a distinct but direct link to Bitcoin and crypto market health.
Strategy is the most leveraged play of the three. The company holds 713,502 BTC acquired at a cost basis of roughly $54.26 billion. When Bitcoin moves, Strategy’s balance sheet moves with it in real time. The stock is essentially a leveraged Bitcoin proxy wrapped in a corporate structure. MSTR had already gained 6.48% over the prior week heading into Wednesday, and analysts remain broadly bullish, with 13 buy-equivalent ratings against just one hold and a consensus price target of $394.38.
Coinbase is the largest US crypto exchange, and its revenue is directly tied to trading volume and crypto asset prices. Higher Bitcoin prices tend to bring more retail and institutional activity to the platform. COIN had already gained 12.55% over the prior week, and analysts carry a consensus target price of $250.90 on the stock against Tuesday’s close of $182.36. Our 24/7 Wall St. Price Prediction | COIN Price Prediction for COIN stands even higher, at $295.90.
Circle is the stablecoin story. As the issuer of USDC, Circle benefits when crypto market activity accelerates and demand for digital dollar infrastructure grows. The company just reported a strong Q4 just one week ago on February 25. Revenue came in at $770.23 million, up 77% year over year, with USDC in circulation reaching $75.3 billion. CEO Jeremy Allaire framed the moment clearly on the earnings call:
“The fourth quarter marked another step forward in Circle’s mission to build the infrastructure for an open, programmable internet financial system. USDC adoption continued to expand globally as more enterprises, developers, and public institutions integrated digital dollars into real-world payments, treasury, and onchain financial workflows.”
Circle CEO Jeremy Allaire, Q4 2025 earnings call
CRCL has surged 62.34% over the past week, reflecting both the earnings beat and the broader crypto tailwind.
What to Watch
Whether these premarket gains hold into the regular session will depend on whether Bitcoin can sustain its footing above $71,000. Prediction markets currently put the odds of Bitcoin reaching $100,000 by year-end at 37.5%.
Top Gaining Stocks
Top Losing Stocks