Crypto shares jumped in overnight trading as bitcoin rose past $123,500 on Wednesday evening in New York, topping the previous all-time high of $123,205.12 reached on July 14. DeFi, BitMine rose more than 4%; Upexi up 3%; BTCS up 2%; Coinbase, CleanSpark up over 1%.

Coherent reported reported solid fourth-quarter earnings results on Wednesday afternoon, but its share slid 20% after its revenue outlook missed projections.

Adjusted earnings-per-share rose to $1.00 versus Wall Street's consensus estimate of 92 cents, according to Factset, and up from 61 cents last year. Revenue for the quarter reached $1.53 billion, ahead of expectations for $1.51 billion, and up 16% over last year, and up 23% for fiscal 2025.

But Coherent's revenue outlook for the first quarter came up short of projections, and the stock was down 16% in late trading following the release.