Hut 8 and Coinbase outperform as Crypto stocks jump on bitcoin's sudden rally

• The price of bitcoin (BTC) surged over 2.8% in an hour, rising above $90,000 to mark a fresh session high and triggering gains across crypto-linked companies.
• Mining stocks, trading platforms, and cryptocurrency infrastructure firms saw significant gains, with HUT, RIOT, and COIN rallying.
• The broader cryptocurrency market is also showing signs of renewed momentum, with other cryptocurrencies, such as Ether and XRP, also seeing gains of 2.3% and 2.5%, respectively, and Bitcoin treasury firm Strategy (MSTR) rising 1.6%.

Shares of crypto-linked companies are rallying after the price of bitcoin BTC$86,954.12 surged more than 2.8% in an hour to rise above $90,000, marking a fresh high and reigniting interest across the sector.

The price jump triggered gains across mining stocks, trading platforms and cryptocurrency infrastructure firms. Bitcoin miner Hut 8 (HUT) outperformed the wider sector, rising 14.4% to $42, while rival CleanSpark (CLSK) saw a 5.1% rise after the opening bell to top $12, and Riot Platform (RIOT) rose 3.5% to near $14.

Read more: Bitcoin re-takes $90,000 as price spikes early in U.S. session

These mining firms depend heavily on bitcoin’s price for revenue, with rising BTC prices often meaning fatter mining margins and a more sustainable environment. However, HUT had surged 20% in early trading after announcing a 15-year, $7 billion lease agreement with AI infrastructure firm Fluidstack.

Potential catalysts for the broader rally include traders weighing the possibility of Fed Governor Chris Waller as the frontrunner to succeed Jerome Powell as the next Chair of the Federal Reserve. Waller has made dovish comments, saying the neutral fed funds rate may be 50 to 100 basis points below previous expectations.

However, on prediction markets, the Feds' perceived future policy direction doesn’t appear to be as dovish. On Polymarket, traders are assigning a 77% probability to a no rate cut next month. On Kalshi odds are at 78%. CME’s FedWatch shows a similar chance.

Coinbase (COIN), the largest publicly traded crypto exchange in the U.S., also posted solid gains, up 2.27% to $258. The company earns a cut of trading volume, which typically spikes during volatile periods, as December has been proving to be.

The company is also set to unveil a series of upgrades later in the day, which are expected to include tokenized assets, onchain AI agents, and additional Base features.

Bitcoin treasury firm Strategy (MSTR), which holds 671,268 BTC worth $60.3 billion, rose 1.6% to $170. While bitcoin rose to surpass the $3,000 mark, several other cryptocurrencies saw similar performance, with ether increasing 2.3% in an hour to surpass $3,000 and XRP rising 2.5% to near $2.

The broader crypto market is showing signs of renewed momentum after weeks of consolidation.

Read more: Bitcoin shorts scramble for the exits as BTC climbs

UPDATE (Dec. 17, 15:51 UTC): Updates to add prediction markets' odds for rate cuts.

• As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
• GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
• Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.

• XRP bears have finally established a solid foothold below the $2 support.
• This may draw more sellers to the market, potentially yielding a deeper slide.
• Other key indicators favor the bearish outlook.

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