Cryptocurrency prices continued to advance into Friday as the U.S. government entered day three of its shutdown. Bitcoin has surged to its highest level since mid-August. Bakkt Holdings, which is a bitcoin and crypto infrastructure provider, has vaulted almost 150% this week.
Bitcoin on Friday traded around $120,400, near its highest price since Aug. 14. The world's top cryptocurrency has rallied 10.3% over the past week, with a 29% gain so far this year. Bitcoin on Aug. 13 peaked at a record near $124,500.
Ethereum traded around $4,490 on Friday, pushing its gain on the week about 15%. The No. 2 crypto is up 34% in 2025.
Crypto exchanges Coinbase ticked higher Friday and popped 7.5% on Thursday. Bullish jumped 11.6% Thursday, then pared its gains slightly Friday. Stablecoin issuer Circle Internet Group eased a fraction Friday following its 16% rally on Thursday.
Strategy swung 4.2% higher Thursday, attempting to rebound above its 200-day and 50-day moving averages. Shares were little-changed Friday.
Cipher Mining led gains for bitcoin miners Thursday with a 9.4% jump. CIFR stock added another 3.3% Friday.
Bakkt Scores Major Rally
Meanwhile, Bakkt Holdings, which provides crypto trading, stablecoin payments and on-ramp solutions, swept 144% higher this week and rounded out September with a gain of nearly 284%.
The Alpharetta, Ga.-based company on Wednesday announced that it sold its Loyalty solutions business, which includes various rewards points and loyalty programs, to Project Labrador Holdco, a wholly-owned subsidiary of Roman DBDR Technology Advisors.
Bakkt CEO Akshay Naheta said the sale marked an "inflection point" for the company, by streamlining the business and accelerating its transformation to a pure-play digital asset infrastructure firm. The company in September also announced that it eliminated all of its outstanding long-term debt, which was originally issued in June 2024.
Bakkt in July also raised $75 million to bolster its balance sheet and further its bitcoin treasury strategy.
Benchmark analyst Mark Palmer in September said that Bakkt is "poised for a fresh start" following its restructuring and streamlining initiatives, which should reset its growth trajectory. Palmer called the divestiture of its custody business and sale of its loyalty business a "decisive exit from capital-intensive, noncore operations."
Benchmark first initiated coverage of BKKT stock with a buy rating and a 13 price target, but hiked its target to 40 by late September based on Bakkt's recent gains.
BKKT stock jumped another 29% Thursday, pushing its 2025 gain to 77%.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
