UK-listed bitcoin treasury stocks were in demand on Thursday as the cryptocurrency traded just above $121,600, having retreated from its record $123,500.
The pullback came after a rally fuelled by institutional buying, spot ETF inflows, and public companies adding bitcoin to their balance sheets in the style of MicroStrategy.
Bitcoin is up 31% this year and 60% since April’s lows, with sentiment buoyed by expectations of US interest rate cuts in September and the Trump administration’s pro-crypto stance.
Last week, President Trump ordered the US Labor Department to explore allowing retirement plans to hold cryptocurrencies, a move that could broaden retail access.
Ethereum also edged near record highs this week, climbing above $4,700 as interest builds in its blockchain’s role in decentralised finance and stablecoins.
Ether has risen over 50% since the recent passage of the GENIUS Act, with corporate treasuries increasing allocations.
In London, treasury stocks The Smarter Web Company (AQSE:SWC), London BTC Company Ltd (LSE:BTC, OTCQB:VINZF) and Vaultz Capital PLC (AQSE:V3TC) were up between 1%-5% in morning trading.