Two of the biggest crypto-linked stocks set records on Wednesday, with Coinbase hitting a an all-time high price and both Coinbase and Strategy setting new highs for closing market cap.

The stock milestones came amid a surge in crypto prices, with Bitcoin setting multiple all-time highs in recent days, while other major coins like Ethereum and XRP are up more than 20 each over the past week.

Coinbase, the prominent American crypto exchange, hit a record of $405.88 on Wednesday afternoon, per Yahoo Finance, along with a record peak closing price of $398.20—up 2.6 on the day and 6.5 over the last week.

The market cap of $101.42 billion is also a record close for COIN, which trades on the Nasdaq and is part of the S&P 500.

Meanwhile, Strategy—the largest corporate holder of Bitcoin with a stash of nearly $72 billion worth of BTC—finished the day with a record market cap, co-founder and Executive Chairman Michael Saylor announced on X.

Strategy finished the day at a price of $455.90, per data from Yahoo Finance, up 3 on the day and almost 10 on the week. It closed the day at a market cap above $128 billion—but interesting, it didn‘t finish at an all-time high stock price.

The price of MSTR surged even higher back in November 2024, topping out at $542.99—though it only got as high as $457.22 on Wednesday. The difference is that MicroStrategy has released tens of millions more shares into the market over the past several months, enabling its climb into record market cap territory.

"The rally in Coinbase and MicroStrategy is a reflection of the market’s growing confidence in institutional crypto infrastructure," Douro Labs CEO Mike Cahill told Decrypt. "This year especially, Coinbase is increasingly being recognized as the on-ramp for regulated exposure—especially with its ties to USDC, ETH ETFs, and custodial roles. Meanwhile, MicroStrategy has evolved into a publicly traded Bitcoin proxy. Today‘s all-time highs signal that institutional appetite for digital assets is accelerating like never before."

Broadly, the major stock market indices were up slightly on Wednesday, with the S&P 500 rising 0.32 and the Nasdaq up $0.25.

Ethereum treasury companies spiked on Wednesday, with SharpLink Gaming (SBET) jumping 29 to a closing price of $37.38 and BitMine Immersion Technologies (BMNR) rising 12 to $44.80.

Similarly, a couple of prominent Solana treasury companies climbed, with DeFi Development Corp. (DFDV) rising 23 to $30.36 and Upexi (UPXI) spiking almost 40 to $7.26.

Bitcoin miners like MARA Holdings (MARA) and CleanSpark (CLSK) gained modestly on the day, rising more than 3 each.

"MicroStrategy’s valuation has become a leveraged bet on Bitcoin, while Coinbase has positioned itself as the infrastructure layer for the next wave of crypto adoption," Fogo initial contributor Doug Colkitt told Decrypt. "As crypto enters the mainstream, the market is rewarding companies with clear narratives, regulatory moats, and exposure to Bitcoin upside. This momentum reflects a repricing of crypto-native equities as strategic gateways—not just speculative plays."

Editor‘s note: This story was updated after publication to add comments.

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