Cryptocurrency-related stocks increased on Thursday following a U.S. Treasury Department announcement regarding debt buybacks and a call from President Donald Trump for Congress to pass digital asset legislation. The Treasury Department stated Wednesday it would double the size of its buyback operations for long-duration debt to at least $4 billion, a move intended to support the bond market after the 30-year Treasury yield reached its highest level since 2007.
The market response occurred as President Trump met with cryptocurrency executives at the White House on Wednesday to discuss the Clarity Act. The president urged lawmakers to pass a version of the bill, which is currently stalled in the Senate, to establish a regulatory framework for the industry. While the Treasury's intervention was described by analysts as relatively small, the combination of federal debt management and executive support for industry-specific laws contributed to a rise in digital asset prices.
Bitcoin rose 3.48% to $71,505, exceeding the $70,000 threshold for the first time since June, though it remains 43% below its October record high. Other assets and related companies also saw gains: Ether rose 2.46% to $2,272, while shares of Canaan Inc. surged 10.37%, Coinbase Global rose 6.05%, and MicroStrategy increased 4%. Alex Kuptsikevich, an analyst at FxPro, attributed the rally to short-covering—a market maneuver where investors buy back borrowed shares to minimize losses—following a period of stagnant trading.
For the estimated millions of Americans holding digital assets, the outcome of this legislative push could dictate the future legality and tax treatment of their holdings. While the Treasury's $4 billion buyback program aims to stabilize the broader $28 trillion government debt market, the crypto sector specifically views executive pressure on Congress as a signal for potential policy stability. However, the bill faces opposition in Congress; many Democrats and some Republicans have stated they will not support the legislation unless it includes provisions to prevent public officials from profiting from their own cryptocurrency ventures.
The scale of potential conflict of interest was highlighted by financial disclosures showing President Trump earned more than $1.4 billion from family-led crypto ventures in 2025. This dispute over ethical guardrails remains the primary obstacle to the bill's passage in the Senate. Investors and companies will monitor whether the White House's direct involvement can move the legislation past committee stalls before the current legislative session concludes. No specific dates for future votes or hearings were reported.