The Hong Kong cryptocurrency-linked stock market witnessed a dramatic rally on June 27, 2025, as investors responded to fast-moving developments in U.S. crypto legislation. Bluehole Interactive (08267.HK) led the charge with a staggering 42.42% surge, followed by OKLink (01499.HK),雄岸科技 (01647.HK), and OSL Group (00863.HK), all posting significant gains. This market movement reflects growing optimism around regulatory clarity, particularly as the U.S. House considers bundling two pivotal bills: the GENIUS Act and the Clarity Act, potentially fast-tracking comprehensive crypto regulation.
👉 Discover how regulatory shifts are reshaping the crypto investment landscape.
Market Overview: Crypto-Linked Stocks Ride the Regulatory Wave
On June 27, 2025, Hong Kong’s crypto-themed equities experienced a sharp uptick in investor interest. Bluehole Interactive skyrocketed by 42.42%, while OKLink, 雄岸科技, and OSL Group rose 7.58%, 4.71%, and 1.28% respectively. This rally was not isolated—it was fueled by a confluence of macro factors: rising Bitcoin prices surpassing $112,000, advancing U.S. legislative efforts, and Hong Kong’s strengthening position as a regulated digital asset hub.
Bitcoin’s breakout above $112,000 reinvigorated investor confidence in blockchain-based assets. Simultaneously, Hong Kong’s progressive regulatory environment—evidenced by the Securities and Futures Commission’s updated virtual asset trading framework—has attracted global capital. With mainland Chinese investors increasingly accessing these opportunities via Stock Connect programs, the stage was set for a sector-wide rally.
U.S. Crypto Legislation: The GENIUS and Clarity Acts Take Center Stage
The U.S. House of Representatives is exploring a strategic legislative maneuver: bundling the GENIUS Act (Growing Economic National Importance Using Security Tokens) with the broader Clarity Act for joint debate and voting. This approach could allow both bills to advance through a single procedural vote, accelerating the path toward federal crypto regulation.
The GENIUS Act, already passed by the Senate on June 18, 2025, by a 68–30 margin, focuses specifically on stablecoin regulation. It mandates that stablecoin issuers maintain 100% reserves in high-quality liquid assets, prohibits algorithmic stablecoins due to systemic risks, and enforces strict anti-money laundering (AML) and sanctions compliance.
Senator Kirsten Gillibrand emphasized its importance:
“The GENIUS Act provides a clear, responsible regulatory framework for stablecoins—protecting consumers while ensuring the U.S. dollar remains dominant in digital finance.”
However, the Clarity Act remains contentious. It aims to define digital assets under securities law, clarify jurisdiction between the SEC and CFTC, and establish licensing requirements for exchanges and custodians. Internal disagreements within the Republican party—alongside Democratic concerns about potential conflicts of interest involving prominent political figures’ crypto ventures—have stalled progress.
Senator Bill Hagerty urged swift action:
“We must adopt the Senate’s proven framework now. Delaying comprehensive regulation risks ceding global leadership in digital assets to other nations.”
👉 See how leading platforms are preparing for the next era of crypto regulation.
Why Bluehole Interactive Soared: Web3 Vision Meets Market Timing
Bluehole Interactive’s 42.42% surge was no fluke—it was a perfect storm of strategic positioning and market sentiment. Once known primarily as a gaming company, Bluehole has aggressively pivoted into Web3, blockchain gaming, and decentralized application (DApp) development.
The company holds a substantial Bitcoin treasury, benefiting directly from BTC’s rise past $112,000. More importantly, its long-term vision aligns with what investors now value most: real-world blockchain integration and exposure to decentralized ecosystems.
CEO Chen Hao recently stated:
“We’re accelerating our Web3 ecosystem rollout. Regulatory clarity in major markets like the U.S. gives us greater confidence to scale innovation.”
Investors have drawn parallels between Bluehole’s strategy and that of MicroStrategy—accumulating Bitcoin as a core treasury asset while building blockchain-native products. This “microstrategy model” resonates strongly in an environment where digital assets are increasingly seen as institutional-grade holdings.
Performance of Other Key Players: OKLink, 雄岸科技, and OSL Group
While Bluehole stole the spotlight, other Hong Kong-listed crypto firms also gained traction:
- OKLink (01499.HK) rose 7.58%, driven by its leadership in blockchain analytics and infrastructure services. The company provides real-time transaction monitoring, wallet tracking, and institutional-grade data tools—critical components in a regulated crypto economy. Its planned expansion into Southeast Asia later in 2025 has further boosted investor confidence.
- 雄岸科技 (01647.HK) climbed 4.71%, leveraging its dual focus on blockchain R&D and digital asset management. With clearer regulations on the horizon, institutional demand for compliant custody and fund management solutions is expected to grow—positioning 雄岸科技 well for future growth.
- OSL Group (00863.HK) gained 1.28%, reinforcing its status as one of Hong Kong’s first fully licensed virtual asset trading platforms. As global regulators push for compliance, OSL’s early mover advantage in licensing gives it a durable competitive edge.
These companies represent different layers of the crypto value chain—infrastructure, asset management, and exchange services—yet all benefited from the same tailwinds: rising Bitcoin prices and anticipation of clearer rules.
Connecting the Dots: How U.S. Legislation Fuels Hong Kong Markets
The rally in Hong Kong crypto stocks is deeply intertwined with U.S. regulatory momentum:
- Regulatory Clarity = Reduced Risk: The GENIUS Act’s passage in the Senate signals that the U.S. is moving toward a coherent national policy on stablecoins—a foundational element of the crypto economy.
- Bitcoin Price Momentum: With BTC surpassing $112,000, companies holding Bitcoin on their balance sheets see immediate valuation upside.
- Hong Kong’s Strategic Position: As Western markets debate rules, Hong Kong has moved decisively to establish itself as a compliant gateway for crypto innovation in Asia.
- Institutional Capital Inflows: Analysts from Morgan Stanley, Goldman Sachs, and JPMorgan have noted increased institutional interest in regulated Asian crypto platforms—a trend likely to continue if U.S. legislation progresses.
UBS analyst Laura Wang commented:
“The House’s bundling strategy could break the legislative logjam. Platforms like OSL stand to gain significantly from harmonized global standards.”
Core Keywords
- GENIUS Act
- Clarity Act
- Bitcoin price
- stablecoin regulation
- Web3
- crypto legislation
- Hong Kong crypto stocks
- regulatory clarity
Frequently Asked Questions (FAQ)
Q: What is the GENIUS Act?
A: The GENIUS Act is U.S. legislation focused on regulating stablecoins. It requires full reserve backing, bans algorithmic stablecoins, and enforces AML compliance to ensure financial stability.
Q: Why did Bluehole Interactive surge over 40%?
A: The surge was driven by its strategic pivot into Web3 and blockchain gaming, combined with its Bitcoin holdings appreciating amid rising prices and positive sentiment around U.S. crypto regulation.
Q: How does U.S. legislation affect Hong Kong stocks?
A: Clearer U.S. rules reduce global regulatory uncertainty, boosting investor confidence in crypto-related businesses worldwide—including those listed in Hong Kong.
Q: Is the Clarity Act guaranteed to pass?
A: While momentum is building, the Clarity Act faces political hurdles. Its bundling with the less controversial GENIUS Act may increase its chances, but final passage is not assured.
Q: What role does Bitcoin price play in crypto stock performance?
A: Many crypto-linked companies hold Bitcoin as a treasury asset. When BTC price rises, their balance sheets improve instantly, driving investor interest and stock valuations higher.
Q: Are Hong Kong crypto platforms safe for investment?
A: Platforms like OSL Group operate under strict licensing from the SFC, offering higher transparency and compliance than unregulated offshore exchanges—making them more attractive to institutional investors.
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