Bitcoin's push toward $95,000 triggered a broader rally across digital asset-linked equities. Major corporate Bitcoin holders saw their shares rally, with some displaying 2.5% premarket gains as institutional interest remained strong. However, the picture gets complicated when you zoom out. Despite the recent momentum, certain stock positions remain deeply underwater—down roughly 62% from their 2024 peaks. The latest surge provides some breathing room, but there's still substantial ground to cover before these names reclaim their prior highs. It's a classic tale of short-term bullish catalysts meeting long-term drawdowns. For traders watching both crypto and equity markets, the disconnect between Bitcoin's new records and lagging stock valuations tells an interesting story about where capital is flowing right now.