Crypto-related stocks surged sharply on Monday after US President Donald Trump signed the GENIUS Act, which regulates stablecoins. The rise in Ethereum prices also supported this increase.
The law was signed into law Friday evening and is considered a significant victory for the crypto industry. It passed the House of Representatives with a broad 308-122 vote, having previously been approved by the Senate.
The law prohibits interest payments on regulated stablecoins.
Deutsche Bank reported that this restriction has driven investors towards decentralized finance instruments like Ethereum to generate returns, and therefore, ether prices have increased. Ethereum traded near its highest levels since December 2024, at $3,783.Shares of companies holding crypto reserves also rose:
- BitMine 5.3%,
- Bit Digital, BTCS and SharpLink Gaming between 3.1% and 12.6%,
- Stablecoin issuer Circle Internet rose 1.9%,
- Coinbase gained 2%.
GameSquare Holdings rose 4.6% after announcing it will sell shares to finance its crypto investments. Companies like GameStop have also started adding crypto to their balance sheets, just like MicroStrategy. MicroStrategy shares have risen nearly 3,000% since 2020 and increased by another 2.2% on Monday. Solana reached its highest level since February; the ProShares Ultra Solana ETF surged 16.2%. The overall crypto market value has exceeded $4 trillion.
