MARA Holdings (MARA) stock is soaring 5.12% in pre-market trading on Monday, as cryptocurrency-related stocks rally following Bitcoin's surge to a new all-time high above $123,000. The world's largest cryptocurrency crossed this milestone for the first time, sparking a broader rally across the crypto sector.

The surge in Bitcoin and related stocks comes as investors anticipate potential policy wins for the digital asset industry. The U.S. House of Representatives is set to debate a series of bills aimed at providing a regulatory framework for the cryptocurrency sector. These include the Genius Act, which would create federal rules for stablecoins, the Clarity Act, and the Anti-CBDC Surveillance State Act. This legislative push has fueled optimism in the market.

Adding to the positive sentiment is the support from U.S. President Donald Trump, who has branded himself as the "crypto president" and urged policymakers to revamp rules in favor of the industry. This stance has resonated with investors and contributed to the bullish outlook for crypto-related stocks.

Other crypto-mining and blockchain-related companies are also seeing significant gains in pre-market trading. Riot Platforms is up 3.6%, Hut 8 is up 3.5%, and Coinbase Global has risen 1.2%. The rally extends beyond individual stocks, with crypto-focused ETFs like the ProShares Bitcoin Strategy ETF and iShares Bitcoin Trust ETF both adding around 4%.

Analysts suggest that this surge reflects growing acceptance of Bitcoin as a long-term reserve asset, not only by retail investors and institutions but potentially by some central banks as well. The combination of regulatory progress, institutional demand, and political support has created a favorable environment for companies like MARA Holdings, which are closely tied to the cryptocurrency market.