US crypto-linked stocks experienced a significant upswing on Monday, June 10, closing the trading day with notable gains alongside Bitcoin. This positive momentum was largely attributed to an increasing number of publicly traded firms announcing plans to add Bitcoin to their corporate treasuries, signaling growing mainstream adoption of the cryptocurrency.

Bitcoin itself climbed approximately 4% over the day, reaching $110,150 and heading back towards its May 22 peak of $112,000. The leading cryptocurrency broke through the $110,000 mark early in Monday’s Asia trading session. Market analysts suggest this rally was supported by subsiding market jitters and ongoing trade talks between the United States and China.

The country’s major crypto mining companies were among those benefiting from the positive sentiment. Core Scientific Inc. (CORZ) closed up 4.27% with an additional 0.87% bump after hours. Rivals CleanSpark Inc. (CLSK) and MARA Holdings Inc. (MARA) both saw their shares climb by over 3%, gaining another 1% in after-hours trading. Riot Platforms Inc. (RIOT) also registered a 2.74% gain, with a further 1.2% increase after the bell.

Other crypto-focused firms also saw their stock prices rise. Nasdaq newcomer and stablecoin issuer Circle Internet Group (CRCL) shares jumped 7% during the day, adding another 2.2% after hours to reach $117.79. Crypto exchange Coinbase Global Inc. (COIN) recorded a modest 2% gain, closing at $256.63. Rival trading platform eToro Group Ltd. (ETOR), which went public less than a month prior, surged over 10.5% and continued its ascent with a 2.4% rise after hours to $77.79.

In a contrasting performance, crypto and stock trading platform Robinhood Markets Inc. (HOOD) was a notable exception to the broad uptrend. Its shares sank by nearly 2% to $73.40 after S&P Dow Jones Indices made no changes to the S&P 500’s membership on Friday. Market speculation had suggested Robinhood might be added to the prestigious index, an event that typically boosts a company's share price. Robinhood did see a slight after-hours gain of just under 0.8%.

MicroStrategy Inc. (MSTR), a prominent advocate for corporate Bitcoin adoption, saw its shares gain 4.71%, with an additional bump of over 1% after hours to $396.61. The company further solidified its Bitcoin strategy by acquiring an additional 1,045 BTC for approximately $110.2 million, at an average price of $105,426 per coin. This purchase, its fourth-smallest of the year, brought MicroStrategy's total Bitcoin holdings to 582,000 BTC, valued at around $62.7 billion based on current prices. The company has reportedly raised $112 million by issuing preferred stock to fund these acquisitions, including $66.4 million from Perpetual Strife Preferred Stock and $45.8 million from Perpetual Strike Preferred Stock. Unrealized gains from its Bitcoin holdings are projected to reach $21 billion by 2025.

The trend of public companies adding Bitcoin to their balance sheets continued with new announcements. BitMine Immersion Technologies, Inc. (BMNR), a Bitcoin mining equipment rental firm, disclosed on Monday that it had purchased 100 BTC for the first time to hold in reserve. This followed a share offering last Wednesday that targeted an $18 million raise. Despite the Bitcoin acquisition, BitMine's shares closed Monday trading down nearly 8.7%, though they slightly rebounded by 5.2% after hours to $7.25.

Existing corporate Bitcoin holders also increased their exposure. Energy-management firm KULR Technology Group, Inc. (KULR) saw its shares rise 4.2% after announcing it had bought an additional $13 million worth of Bitcoin. This purchase brought KULR's total holdings to 920 Bitcoin, acquired at an average price of $98,760 per coin. Furthermore, KULR announced plans to raise up to $300 million to fund additional Bitcoin purchases, as well as for working capital and research and development, utilizing an "at the market" share sales model.

Other significant corporate treasury activities include The Blockchain Group, which is planning to raise $342 million to further bolster its Bitcoin holdings. This initiative involves an "at-the-market"-like partnership with an asset manager, where shares will be purchased directly from The Blockchain Group, capped at 21% of daily trading volume. This follows the company's recent purchase of $68 million worth of BTC. Meanwhile, technology company Metaplanet announced an ambitious $5.4 billion plan to acquire 210,000 Bitcoin by 2027, a move that caused a significant jump in its stock price and aims to position it as the second-largest public Bitcoin holder.

The broader trend of corporate Bitcoin adoption is underscored by the fact that more than five dozen public companies now hold Bitcoin on their balance sheets, with their collective holdings valued at a combined $82 billion. Companies such as Treasure Global and Davis Commodities have also recently announced plans to establish Bitcoin treasuries, further fueling this movement.

The concurrent rally in Bitcoin's price and crypto-linked stocks highlights a growing acceptance of Bitcoin as a legitimate store of value and a potential hedge against inflation and economic uncertainties. As more companies, regardless of their direct industry ties to cryptocurrency, embrace Bitcoin as part of their treasury strategies, the demand for the digital asset is likely to continue its upward trajectory.