Bitcoin continues to rally following Trump’s executive orders

President Donald Trump’s highly anticipated executive order on Thursday, allowing crypto to be included in retirement plans, continued to boost bitcoin and the overall crypto market on Friday.

Crypto enthusiasts also cheered a second executive order that targets the “unfair debanking” of the digital assets industry and directs the Small Business Administration “to make reasonable efforts to reinstate clients and potential clients previously denied services due to unlawful debanking.”

“When banks arbitrarily restrict crypto firms, it forces legitimate companies to operate in regulatory grey areas or offshore,” Thomas Chen, CEO of Function, said. “For institutions holding or integrating bitcoin, this narrative only accelerates the normalization of crypto on corporate balance sheets.”

Many see the orders as a watershed moment for the industry, including Bitwise Europe Head of Research André Dragosch, who wrote on X that the “401(k) EO approval could be bigger than the spot #Bitcoin ETF approval.”

In other bitcoin news...

• Bitcoin miner CleanSpark reported record third-quarter fiscal earnings Thursday, which it deems its “most successful quarter.” It grew its treasury to “over $1 billion in value,” CEO Zach Bradford said in the press release. The company, the ninth-largest bitcoin corporate holder, added 95 bitcoin and now holds 12,703 bitcoin in total.

• Jack Dorsey’s Block reported second-quarter earnings yesterday, showing that it added 8,692 bitcoin, up from 8,485 bitcoin on December 31, 2024, according to regulatory filings. Bitcoin segment revenue was $2.14 billion, lower than Wall Street’s $2.48 billion estimate.

• Publicly traded UK-based The Smarter Web Company acquired 50 bitcoin, now holding 2,100 bitcoin.

• Nasdaq-listed Alliance Resource Partners acquired 28.84 bitcoin to bring its total to 540.