UK bitcoin treasury companies enjoyed a boost as Bitcoin began edging back into nose-bleed territory.
At the vanguard were two of London's largest crypto plays: The Smarter Web Company (AQSE:SWC), which rose 7%, and the London BTC Company Ltd (LSE:BTC, OTCQB:VINZF), up 2.5%.
Bitcoin, meanwhile, was up just over $900 at $120,193, or about $3,000 below its record peak.
Despite retreating slightly from session highs, Bitcoin rose as much as 3.3% during the day, climbing above $122,000, fuelled by growing demand from institutional investors and corporate treasury buyers.
Ethereum also rallied strongly, surpassing $4,300 for the first time since December 2021.
The surge reflects increasing interest in cryptocurrencies among major investors.
Listed digital-asset treasury companies, which accumulate cryptocurrencies as part of their corporate treasuries, have amassed an estimated $113 billion in Bitcoin holdings, with Ether stockpiles around $13 billion.
Analysts said the rally is being supported by steady inflows from institutional investors into corporate treasuries and US spot ETFs, alongside a shift in sentiment following new US tariffs on imported gold bars.
With gold facing supply bottlenecks and policy uncertainties, Bitcoin’s appeal as a borderless, tariff-free store of value is gaining ground.
According to technical analysts, Bitcoin’s next key resistance is its previous record of $123,205.