Bitcoin Nears $100K as Miners and Treasury Stocks Pop on ETF-Fueled Momentum

Bitcoin’s latest push above $97,000 flipped the switch for high-beta crypto equities. Miners and crypto treasury names rallied in unison, reflecting a market that’s increasingly treating these stocks as leveraged expressions of BTC’s path toward six figures.

By the close, Singapore-based Bitdeer—a Bitcoin mining and AI services operator—jumped more than 15% to $14.76. CleanSpark advanced 6.3% to $13.34, and Riot Platforms added 3.2% to finish at $17.30. Bakkt climbed 12% to $21.01 after announcing earlier this week that it’s acquiring a stablecoin services firm, underscoring a push toward stable infrastructure revenue. On the treasury side, Tom Lee’s BitMine Immersion Technologies, billed as the leading publicly traded Ethereum treasury company, gained 4.7% to $32.68 two days after adding $76 million of ETH to its $13 billion treasury. Strategy, described as the first publicly traded Bitcoin treasury company, rose 3.6% to $179.33.

The tape backed the equity move. Bitcoin traded recently at $94,549—up about 3% on the day and 7% week-over-week—after briefly topping $97,000 to mark its highest level since November, per CoinGecko. Liquidity deepened: spot trading volume rose 29% in a week to $117 billion, according to CoinGlass. Derivatives participation edged higher as well, with Bitcoin futures open interest up 3.6% in the past day to $66.2 billion. BTC now sits within roughly 23% of its October all-time high above $126,000. Ethereum benefited from the risk-on tone, gaining 7.5% over the week, though it remains around 32% below its August peak.

The through-line is reflexivity driven by institutional flow. Accelerating Bitcoin ETF inflows and on-chain accumulation by larger holders are tightening effective supply, nudging price higher and propagating into equities with embedded operating or treasury leverage. Miners are a clean example: when BTC rises, expected hashprice improves, equity risk premia compress, and the market is more forgiving about power costs and expansion plans. That said, not every miner benefits equally—balance sheet flexibility, energy procurement, and data center utilization (including AI/HPC sidecar revenue) often determine who sustains multiple expansion versus who simply rides beta.

Treasury companies function as publicly listed wrappers on digital assets. Strategy and BitMine illustrate how investors sidestep custody and mandate constraints by buying equity vehicles that accumulate BTC or ETH directly. The market tends to pay a convenience premium when flows accelerate, but that premium can invert quickly if issuance, hedging, or governance create NAV drift. This is where psychology meets structure: in uptrends, investors often accept tracking error for liquidity; in chop, they punish it.

Policy posture remains a quiet tailwind. Optimism around a more crypto-friendly regulatory stance from the Trump administration lowers perceived headline risk, which has historically catalyzed inflows into ETFs and listed proxies. Bakkt’s stablecoin services acquisition fits the same narrative: recurring, regulated rails that connect institutional dollars to on-chain liquidity.

What matters next: - ETF net inflow velocity: sustained demand typically precedes durable breakouts. - On-chain behavior of larger holders: continued accumulation limits downside air pockets. - Hashprice and power spreads: rising electricity costs can erase miner operating leverage. - Futures basis and open interest quality: rising OI with tame funding is healthier than frothy leverage. - Treasury vehicle premiums/discounts: widening gaps flag sentiment shifts.

Today’s move wasn’t just a price print near $100,000—it was an affirmation that the listed crypto complex remains a high-torque instrument for institutional positioning when liquidity, policy, and narrative line up.