Shares of CleanSpark, Inc. soared 5.52% in premarket trading on Friday, outperforming the broader market.
The rally in CleanSpark and other crypto stocks like Bit Digital, MicroStrategy, Riot Platforms, Marathon Digital, and Coinbase came after President Donald Trump signed an executive order creating a working group to advise on digital asset policy and evaluate creating a national cryptocurrency stockpile. The order also directed banking services for crypto companies to be protected and banned the creation of central bank digital currencies that could compete with existing cryptocurrencies.
Bitcoin prices surged to around $105,000 on the executive actions seen as boosting adoption and regulation of cryptocurrencies in the U.S. The SEC also rescinded accounting guidance that had made it expensive for listed companies to safeguard crypto assets, which the industry said stymied digital asset adoption.
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