Crypto Biz: Bitcoin pumps, Wall Street does the paperwork

Bitcoin’s return above $80,000 is exposing just how much the crypto industry now runs through traditional capital markets. Michael Saylor’s Strategy needs a receptive market to finance its Bitcoin machine (BTC), Circle’s outlook increasingly resembles a bet on the growth of dollar-denominated financial infrastructure and Treasury bond buybacks helped provide the backdrop for the latest surge in crypto equities.This week’s Crypto Biz looks at how that relationship is reshaping the companies, balance sheets and networks behind the market’s rebound.Bitcoin rally sends crypto stocks soaringBitcoin’s rally above $80,000 lifted crypto stocks as miners and digital asset treasury companies posted double-digit gains, tracking a broader recovery fueled by the US Treasury’s plan to double certain long-dated bond buybacks.Canaan, MARA Holdings and Strive were among the biggest gainers over the past week, while Coinbase and Robinhood also rallied. Bitcoin extended its weekly advance past 23%, while Ether gained nearly 30% to trade above $2,500, according to CoinMarketCap data.Support also came from President Trump renewing calls for Congress to pass the CLARITY Act, though the bill remains stal...