24H | Crypto Shares Jump With GAME up 11%, BTCS up 7.7%; Opendoor Jumps 12%; Netflix Drops 2% After Earnings

Crypto shares jumped in overnight trading. GAME up 11%; BTCS up 7.7%; Upexi up 2.6%.

Congress delivered a watershed victory for the crypto industry on Thursday, passing the first federal legislation to regulate stablecoins and clearing the way for broader use of the technology in everyday finance.

Backed by Republicans and championed by President Donald Trump, the bill imposes federal or state oversight on dollar-linked tokens that can move around the clock and across platforms. Supporters say it could unlock faster, cheaper forms of payments — and bring legitimacy to a $265 billion market that Citigroup Inc. analysts expect could swell to $3.7 trillion by 2030.

Netflix shares fell 1.8% in overnight trading. After recently reaching record highs, some analysts are wondering if the stock has gotten ahead of the company’s ambitious growth plans.

Netflix Inc. had all the wind in its sails that one could hope for in its second-quarter earnings — they came in well ahead of analysts’ expectations for net profit, benefitting strongly from a weakening dollar.

“Given the run-up in the equity leading up to today’s release, we are not surprised to see shares trading modestly lower in after-hours trading,” Jason Bazinet of Citi Research wrote in a note to clients.

Netflix executives were quick to point out that their strong numbers in the quarter weren’t entirely driven by currency exchange, but “strength in our underlying business.”

“We are seeing healthy member growth … and solid ad sales,” Netflix’s Chief Financial Officer Spencer Neumann said in a call with analysts.

The streaming giant reported net income of $3.13 billion, compared to $2.15 billion in the same quarter a year earlier. Analysts had estimated net income of $3.05 billion, according FactSet.

Opendoor stock jumped another 12% in overnight trading.

Until very recently, shares of Opendoor Technologies Inc. had largely been left for dead. But over the past week, retail traders swapping stock tips on social media have helped bring them back to life.

Tom Bruni, editor-in-chief and vice president of community at Stocktwits, a social-media platform where investors are encouraged to swap and discuss ideas, said interest in Opendoor, measured by page views tied to the stock’s ticker on Stocktwits’ platform, had surged by 400% between Monday and Tuesday. Chatter about Opendoor appeared to be surging across a number of social-media platforms, he said.