Galaxy, Circle, Bitfarms Rally as Bitcoin Stocks Split; Metaplanet, Nakamoto Slide

Crypto-linked equities surged on Thursday, even as moves across the broader digital asset market remained subdued with bitcoin hovering just above $114,000.

Galaxy Digital (GLXY), Circle Internet (CRCL) and Bitfarms (BITF) all posted double-digit gains, outperforming peers as bitcoin climbed to $115,884 — its highest level since mid-August.

Galaxy shares rose 12%. The Mike Novogratz-led firm participated as a lead investor in Forward Industries’ $1.65 billion fundraising, aimed at building a Solana (SOL) treasury vehicle. Investors may also be pricing in upside from rising demand for data center infrastructure, fueled by billion-dollar artificial intelligence hosting contracts such as Microsoft’s deal with Nebius earlier this week.

Bitfarms extended its rally with an 18% jump Thursday, bringing weekly gains above 60%. The bitcoin miner is positioning itself for high-performance computing growth and last month added Wayne Duso, a former Amazon Web Services executive, to its board.

Circle climbed 16%, reversing a months-long decline that had seen the stablecoin issuer’s shares drop around 60% from post-IPO highs. The rebound appeared largely technical, with no fresh company news.

Other crypto-related names, including Coinbase (COIN), Robinhood (HOOD), Marathon Digital (MARA) and Riot Platforms (RIOT), also advanced. These gains outpaced the broader equity market, with the S&P 500 up 0.82% and the Nasdaq 100 higher by 0.69%.

Meanwhile, bitcoin treasury firms traded in the opposite direction. Japan-listed Metaplanet (3355) slid 10%, while Nakamoto (NAKA) fell 14%. MicroStrategy (MSTR), the largest corporate holder of bitcoin, was little changed.

The divergences came as bitcoin recovered from early morning weakness tied to hotter-than-expected CPI inflation and higher U.S. jobless claims, regaining momentum to trade closer to $115,000.