Crypto-linked stocks surged on Friday, led by a sharp rally in beaten-down digital asset treasury firms, as progress toward ending the Iran war dealt a blow to risk assets, sending Bitcoin up. At a two-month high of $78,000.
US President Donald Trump said in a Truth Social post that Iran is committed to keeping the Strait of Hormuz, a key artery to global energy markets, open.
“Iran has just announced that the strait … is wide open and ready for full passage,” Trump said in a Truth Social post. He said that peace talks between the two countries are in progress. Reports that the US is considering freeing up $20 billion in Iranian assets and Trump’s comments about obtaining Iran’s enriched uranium have further boosted sentiment.
Crude oil fell 13% to near $80 a barrel as the headlines helped calm fears of a prolonged energy shock.
signs at risk
“Reopening the Strait of Hormuz is the risk-on signal that global markets have been waiting for,” said Matt Maina, senior crypto research strategist at Digital 21Shares.
“By removing one of the most significant geopolitical barriers in the world, Iran has effectively unleashed a huge wave of liquidity and investor confidence,” he said. “With oil falling below $85 for the first time in a month, inflation fears may finally be abating.”
Bitcoin It climbed to $78,000, breaking the two-month range that has held prices in check since early February and is up nearly 5% in the past 24 hours.
The move sent broader cryptocurrency prices higher, with major altcoins Ether (ETH), Solana (SOL) and XRP (XRP) posting gains of 4%-5%.
Looking at crypto-related equities, the biggest winners were crypto treasury firms – companies that hold digital assets on their balance sheets – which were heavily impacted in recent months.
Trump-family-backed American Bitcoin (ABTC) jumped more than 21%, while the strategy (MSTR) rose 13%. Strive (ASST) and ProCap (BRR) rose about 10%-11% as investors returned to high-beta Bitcoin exposure.
Similar moves took place in altcoin-related equities as well. Forum Markets (FRMM), an Ethereum-focused treasury firm focused on tokenization, climbed 19%, while Solana-linked names like Solmate (SLMT) and Apexy (UPXI) rose 12%-11%.
Other digital asset-related stocks also advanced: Coinbase (COIN) rose more than 6%, Galaxy (GLXY) rose 8%, and Bullish (BLSH) rose 4.5%.
Just after noon on the East Coast, the Nasdaq and S&P 500 were each about 1.4% higher, both hitting new record highs.