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Coinbase leads crypto stocks higher after Trump signals support for digital asset market structure bill

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Coinbase leads crypto stocks higher after Trump signals support for digital asset market structure bill

Shares of Coinbase and other cryptocurrency companies surged Wednesday after President Donald Trump threw his weight behind the industry’s battle against U.S. banks over yield-bearing stablecoins — adding to momentum the firms were already feeling from bitcoin‘s bounce.

Coinbase was last up more than 12%. Other digital asset firms such as Strategy and Circle jumped 9% and nearly 6%, respectively. Meanwhile, shares of JPMorgan Chase and Bank of America fell less than 1%.

“The Genius Act is being threatened and undermined by the Banks, and that is unacceptable,” Trump said late Tuesday in his social media post. “They need to make a good deal with the Crypto Industry because that’s what’s in best interest of the American People.”

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Greenlighting firms to issue dollar-pegged digital tokens that offer interest-like returns has been a sticking point of the Clarity Act, a market structure bill for the crypto industry, in the U.S. Congress.

Crypto companies also got a boost as cryptocurrencies staged a comeback. Bitcoin and ether advanced 5% and 6% on Wednesday, respectively.

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Crypto World

Enlivex Raises Funds for Rain Prediction Market Token Buys

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Enlivex Raises Funds for Rain Prediction Market Token Buys

Immunotherapy company Enlivex has raised $21 million via a debt financing agreement to purchase another 3 billion tokens tied to the prediction market platform Rain.

Enlivex said on Tuesday it exercised an option to acquire another 3 billion Rain (RAIN) tokens at a 62% discount for $10 million on Sunday while extending its option to purchase another 272.1 billion RAIN tokens at the same price to December 2027. The debt financing came from The Lind Partners, a New York-based asset manager.

“We are continuing to execute our prediction markets treasury strategy, and we are pleased that Lind provided us with substantial capital, allowing us to continue the execution of our operating plan, as well as to acquire approximately three billion additional RAIN tokens,” said Enlivex executive chair Shai Novik.

Enlivex develops cell therapy solutions for knee osteoarthritis, but is one of several non-crypto companies that have purchased cryptocurrencies in the hopes that it will strengthen their balance sheets and attract a wider base of investors.

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The company also said it approved a $20 million share buyback program, aimed at enhancing shareholder value.

Details of Enlivex’s debt financing announcement. Source: Enlivex

The value of Enlivex’s RAIN treasury is directly tied to Rain’s decentralized prediction market platform, which has a built-in 2.5% fee that automatically buys back and burns RAIN tokens in a bid to boost the token’s supply-demand dynamics.

RAIN token, Envilex shares trade mostly flat

The Rain token rose 7% to $0.009 after Enlivex’s announcement before falling slightly to $0.0088, trading flat over the last 24 hours with a 0.3% gain, according to CoinGecko. 

Shares in Enlivex (ENVL) also traded mostly flat on Tuesday and closed the trading day down 0.9% to $1.10, but gained 4.5% in after-hours trading, rising to $1.15.

Related: Kalshi, Polymarket eye $20B valuations in potential fundraising: WSJ

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Rain runs on the Ethereum Layer-2 Arbitrum network and ranks among the top 10 prediction market platforms by total value locked and fees over the past seven days, DeFiLlama data shows.