Bitcoin’s return above $80,000 is exposing just how much the crypto industry now runs through traditional capital markets. Michael Saylor’s Strategy needs a receptive market to finance its Bitcoin machine (BTC), Circle’s outlook increasingly resembles a bet on the growth of dollar-denominated financial infrastructure and Treasury bond buybacks helped provide the backdrop for the latest surge in crypto equities.

This week’s Crypto Biz looks at how that relationship is reshaping the companies, balance sheets and networks behind the market’s rebound.

Bitcoin rally sends crypto stocks soaring

Bitcoin’s rally above $80,000 lifted crypto stocks as miners and digital asset treasury companies posted double-digit gains, tracking a…