Shares of crypto-related companies rose on Monday after President Donald Trump signed the GENIUS Act into law, providing new regulations for stablecoins in the United States.
The move was seen as a major step toward regulatory clarity for the cryptocurrency industry.
Ether prices climbed to $3,816.7 after reaching their highest level of the year on Sunday. The price rise came as investors shifted to ether in search of yield, following a provision in the bill that bans interest payments on regulated stablecoins.
Ether is widely used to pay transaction fees for deploying stablecoins and tokenized assets on blockchain networks.
Bitcoin edged up 0.2% but remained more than 3% below its all-time high of $123,153 reached last week. Other cryptocurrencies also gained, with Solana hitting its highest level since February and XRP trading close to its record highs. The ProShares Ultra Solana ETF jumped 16.6%.
Shares of Coinbase rose 1.9%, while stablecoin issuer Circle Internet added 0.9%. U.S.-listed firms that hold ether, including Bit Digital, BTCS, and SharpLink Gaming, rose between 2.6% and 9.4%. BitMine, backed by Peter Thiel and chaired by Tom Lee, gained 4.7%.
GameStop and other companies have been adding crypto to their balance sheets, following the path of Strategy, the largest corporate holder of bitcoin. Shares of Strategy rose 2.2% on Monday and are up nearly 3,000% since 2020.
Dynamix Corporation surged 30% after announcing a merger with Ether Reserve, a new crypto venture that will form The Ether Machine. The broader crypto market’s total value reached $4 trillion on Friday, according to CoinGecko.
