Key Takeaways

• Strategy rose 7% and Galaxy Digital 8% today as crypto stocks rallied after the OCC finalized its GENIUS Act stablecoin rules, with Strive up 14%, Circle 5% and Coinbase 4%.

• The rules govern stablecoin issuers like Circle, so Strategy’s jump mostly reflects its leveraged exposure to bitcoin, which rose about 3%.

• Strategy’s total debt more than tripled from fiscal 2023 to fiscal 2025, and that leverage works on the way down too.

• Strategy reports third-quarter results after the close on Oct. 29,…