Shares of Bitcoin miners and digital asset treasury companies rallied toward the end of the week, tracking a broader recovery across cryptocurrency markets after the US Treasury announced it would double certain long-dated bond buybacks — a move aimed at supporting liquidity in the Treasury market that also helped bolster risk appetite. The Treasury relaunched its regular buyback program in 2024 to keep older securities trading smoothly, and scaling up purchases of long-dated debt has drawn comparisons among market watchers to quantitative easing.

Bitcoin (BTC) miner Canaan led crypto-related stocks on Friday, rising more than 25%. MARA Holdings edged higher after gaining nearly 16% during Thursday's session. Crypto-linked equities have often traded as high-beta proxies for Bitcoin: mining revenues and treasury holdings are tied directly to the token's price, so these shares frequently swing more sharply than the cryptocurrency itself.

Strive, an asset manager that holds more than 20,000 Bitcoin (BTC) on its balance sheet, jumped more than 16% on Friday. Japan-listed Metaplanet — often described as Japan's answer to MicroStrategy — recently expanded its Bitcoin treasury strategy by acquiring Nasdaq-listed Super League Enterprise, and its shares also gained more than 16%.

Shares of crypto exchange Coinbase and brokerage platform Robinhood posted double-digit percentage gains, underscoring how BTC's recovery spilled over into publicly traded companies with direct exposure to digital assets.

Crypto-related stocks were rallying as Bitcoin extended its weekly gain to more than 23% on Friday, briefly topping $79,000, according to CoinMarketCap data, and moving back above its 200-day moving average — a long-term trend level many traders monitor. Ether (ETH) gained nearly 30% over the same period, climbing above $2,400. The recovery was also mirrored in fund flows, with US-listed Bitcoin ETFs drawing $517 million — their largest one-day inflow since early May.

Related: Crypto Biz: Treasury's 'Not-QE' playbook sends Bitcoin higher

Trump adds regulatory tailwinds to crypto rally

Digital asset markets also drew support from comments by US President Donald Trump on Thursday, when he renewed calls for Congress to advance the CLARITY Act. The bill cleared House committees earlier this summer but remains stalled after lawmakers failed to move it forward before the August recess, leaving its next milestone to the post-recess congressional calendar.

The bill is viewed as a potentially significant step toward establishing a clearer regulatory framework for digital assets in the United States, including defining the respective oversight roles of the Commodity Futures Trading Commission and the Securities and Exchange Commission.

Trump also revived the prospect of the US government acquiring Bitcoin at a "sizable" scale following meetings with crypto industry leaders this week — a step that would build on the Strategic Bitcoin Reserve he established by executive order in March, which was seeded with bitcoin already in government hands rather than bought in the open market.

Related: Bitcoin ETFs draw $517M in largest one-day inflow since early May