Bitcoin has overtaken Google’s parent Alphabet to become the world’s sixth most valuable asset, and is now sitting within a few percent of Amazon.
The move comes amid a renewed burst of crypto optimism, as Coinbase stock surges on imminent U.S. stablecoin regulation. This one-two punch of market and policy news is fuelling speculation that the sector is cementing its status as a mainstream macro asset class.
Early Friday, Bitcoin’s market capitalization sits at $2.13 trillion while trading above $106,000. That edges it past Alphabet’s $2.11 trillion value, leaving only gold, Microsoft, Nvidia, Apple, and Amazon ahead in the global asset rankings. Bitcoin has climbed over 40% year-to-date, buoyed by sustained institutional inflows and narratives of digital gold as U.S. fiscal concerns linger.
While Bitcoin’s headline milestone is stealing the spotlight, crypto equities are seeing their own rally. Coinbase shares rocketed over 20% to $373 over the past week, driven by investor anticipation surrounding the GENIUS Act, which passed the Senate with a 68-30 vote.
The legislation mandates full reserve backing and monthly audits for stablecoin issuers, and is widely seen as clearing a path for regulated banks to enter the dollar-backed crypto space. This development could boost Coinbase’s revenue share tied to USDC and broader stablecoin activity.
The stablecoin sector has grown to a record $257 billion market cap, up more than 20% so far this year. Analysts view regulatory clarity as a critical catalyst for further growth and mainstream adoption, while helping reduce lingering fears of opaque reserves and systemic risks.
Other crypto-related stocks have quietly marched higher alongside bitcoin this week. Strategy, the big-ticket BTC balance-sheet play, has added about 4.5 % since last Friday’s close. Among miners, MARA is up roughly 6 %, Riot Platforms about 5 %, and CleanSpark has sprinted more than 20 % after JPMorgan bumped its price target on the group.
Despite the bullish tone, scepticism remains. Former BitMEX CEO Arthur Hayes has argued Circle’s valuation is “insanely overvalued,” a sign that even amid the rally, questions persist about froth and sustainability in certain corners of the crypto market.
Looking ahead, crypto watchers will be closely tracking the House vote on the GENIUS Act, which is expected in mid-July. While many bills typically start in the House, regulatory legislation like this can begin in either chamber, meaning the Senate-led process is entirely routine.
A successful passage would send the bill to President Trump, who has publicly urged lawmakers to “take the win” as soon as possible.
Bitcoin is now less than $175 billion away from overtaking Amazon to become the world’s fifth-largest asset. Coinbase’s next earnings on August 7 will also provide a key update on how regulatory clarity and new products, like Coinbase Payments on Shopify, are feeding into its top line.
