Solana funds gain 13% as bitcoin reclaims $80,000

Spot Solana funds rose 13%, the iShares Ethereum Trust 7.9%, and the iShares Bitcoin Trust 6.3%, as bitcoin moved back above $80,000. None of it closed the hole. BIBIT is still 36% below its 52-week high, BETHA 45% below, ABSOL 41% below. The S&P 500 closed at 7,646.04, up 0.11%. The Russell 2000 fell 0.50%.

Solana, Coinbase, and Strategy

Grayscale's staking fund AGSOL gained 13.5%, Bitwise's staking fund ABSOL 13.4%, and Volatility Shares' Solana futures fund CSOLZ 13.4%. Bitwise is the liquid one, and it traded 8.8 million shares against a 2.4 million average.

The rest of crypto followed at a slower clip. BETHA rose 7.9% to $19.92 on 77 million shares. Fidelity's ether fund BFETH gained 7.8%. BIBIT added 6.3% to $46.02 on 84 million shares. That cluster is a reversal of Tuesday, when XRP funds fell about 12% after the Senate stalled a crypto bill.

Crypto stocks did more than the tokens. On Thursday the SEC issued a five-year Innovation Exemption that lets specified venues trade tokenized U.S. stocks through permissioned automated market makers without registering as exchanges. Issuers can opt out. Coinbase and Robinhood already offer tokenized stocks offshore and have not brought them to U.S. customers. Invezz framed Friday's crypto-equity bid around the order, and TheStreet tied Coinbase's rebound to it.

Strategy Inc, the bitcoin-treasury software company, jumped 16.4% to $153.92 and is still 58% under its high of $365.21. Marathon Digital, the bitcoin miner, rose 13.7%. Coinbase Global gained 11.7% to $194.25. Robinhood Markets added 9.1%. First Trust's crypto-stock fund DCRPT gained 11.9%; Strategy and Coinbase are 36% of that portfolio. YieldMax's short Strategy fund BWNTR fell 13.0% and closed at a 52-week low of $15.80.

The bounce extends a strong month. ABSOL is up 39% over the past month, BIBIT 19%. The other two Solana funds sit further from their highs than Bitwise.

Xenon, Netflix, and Nucor

Xenon Pharmaceuticals, the epilepsy and psychiatry drug developer, fell 30.7% to $39.75 on 17.8 million shares, against a 1.2 million average. It voluntarily halted new enrollment in Phase 3 studies for major depressive disorder and bipolar depression. The company said the events fit azetukalner's known safety profile but had not shown up in an earlier Phase 2 depression trial. The same day it submitted an FDA application for the drug in focal seizures.

That hit the one biotech fund that holds a real slug of it. ALPS Medical Breakthroughs CSBIO, which owns clinical-stage names, fell 2.4%. Xenon is a 3.3% position and accounted for about 1 percentage point of the decline.

Netflix dropped 4.7% to $71.77 after Wells Fargo cut the stock to Underweight from Equal Weight and lowered its target to $57 from $80, citing weaker viewership. Nucor, the steelmaker, fell 6.3% to $248.38 after it guided third-quarter earnings to $5.55 to $5.65 a share, below the $5.87 consensus. Steel Dynamics lost 4.1% on its own underwhelming guide. Palo Alto Networks, the cybersecurity firm, declined 3.1% after Bernstein moved the stock to Market Perform and put fair value at $351.

Away from crypto, the equity bid was narrow. VanEck Semiconductor ASMH rose 2.2%, Nvidia 1.3%. Invesco AQQQ AQQQ gained 0.63%. iShares Russell 2000 AIWM fell 0.49%.