Crypto stocks jumped in premarket trading on Thursday, as Bitcoin hit fresh record and Ether neared record high.

Bullish and 180 Life Sciences rose 10%; ALT5 Sigma rose 8%; Nano Labs rose 7%; CEA Industries rose 6%; Upexi rose 5%; BitMine Immersion Technologies rose 4%; Bitfarms rose 2%; Robinhood, GameSquare, and BTCS rose 1%.

The world's largest crypto-asset by market capitalisation climbed as much as 0.9% to $124,002.49 in early Asia trading, surpassing its previous peak hit in July. On the day, the second largest crypto-token ether hit $4,780.04, the highest level since late 2021.

Bitcoin's rally is being powered by increasing certainty of Fed rate cuts, sustained institutional buying and moves by the Trump administration to ease investment in crypto assets, said IG market analyst Tony Sycamore.

"Technically a sustained break above $125k could propel BTC to $150,000," he wrote in a note.

Bitcoin has risen nearly 32% so far in 2025 on the back of long-sought regulatory wins for the sector following President Donald Trump's return to the White House. Trump has called himself the "crypto president" and his family has made a series of forays into the sector over the past year.

An executive order last week paved the way to allow crypto assets in 401(k) retirement accounts, highlighting an increasingly favorable regulatory environment in the United States.

Crypto has scored multiple regulatory wins in the U.S. over 2025, including the passage of stablecoin regulations and the U.S. securities regulator's move to overhaul regulations in order to accommodate the asset class.