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.
Read more: Bitcoin re-takes $90,000 as price spikes early in U.S. session
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 Chair of the Federal Reserve. Waller has made dovish comments, saying the neutral fed funds rate may be 50 to 100 basis points below previous expectations.
However, on prediction markets, the Feds’ perceived future policy direction doesn’t appear to be as dovish. On Polymarket, traders are assigning a 77% probability to a no rate cut next month. On Kalshi odds are at 78%. CME’s FedWatch shows a similar chance.
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.
Read more: Bitcoin shorts scramble for the exits as BTC climbs
UPDATE (Dec. 17, 15:51 UTC): Updates to add prediction markets’ odds for rate cuts.