UK companies holding Bitcoin on their balance sheets have seen their shares lifted as the cryptocurrency smashed through $120,000 for the first time on Monday.
In early trading, the cryptocurrency was $122,569.40, up 3% on Friday's closing price. With it rose London BTC Company Ltd (LSE:BTC, OTCQB:VINZF), which was up 4.4% and Coinsilium Group Limited (AQSE:COIN, OTCQB:CINGF), which rose 5.6%.
The Smarter Web Company (AQSE:SWC), the UK's largest treasury, fell 2.5% edging below the £1 billion market capitalisation achieved on Friday as investors took the opportunity to book profits.
Bitcoin's rally comes ahead of key regulatory debates in the US House of Representatives, where lawmakers will discuss bills aiming to provide clearer rules for the digital asset industry, a move long sought by crypto advocates.
US President Donald Trump, who has branded himself the “crypto president,” has pushed for policies favouring the sector, adding to market optimism.
Analysts point to strong institutional interest and expectations of further gains, with some forecasting that bitcoin could soon test the $125,000 level.
The surge in Bitcoin, which is up about 29% this year, has also boosted other cryptocurrencies like Ether, XRP and Solana, pushing the total crypto market value to around $3.8 trillion.
Industry experts note growing recognition of Bitcoin as a long-term reserve asset, not just among retail and institutional investors, but increasingly among central banks and wealth managers, especially in Asia.
This shift suggests the recent rally is driven by structural factors rather than short-term hype.
In Washington, the week of July 14 has been designated “crypto week,” with several bills, including the Genius Act focused on stablecoin regulation, due for congressional votes.
Meanwhile, crypto exchange-traded funds in Hong Kong also climbed to record levels, reflecting global momentum in the sector.