Crypto-related stocks surged Friday, led by a strong rally in battered digital asset treasury firms, as progress toward ending Iran’s war shook risk assets, sending bitcoin to a two-month high of $78,000.
US President Donald Trump said in a Truth Social article that Iran was committed to keeping the Strait of Hormuz, a key artery for global energy markets, open.
“Iran just announced that the strait… is fully open and ready for full passage,” Trump said in a Truth Social article, adding that peace talks between the countries were progressing. Reports that the United States is considering unlocking $20 billion in Iranian assets and Trump’s remarks on acquiring Iranian enriched uranium further boosted sentiment.
As headlines helped ease fears of a prolonged energy shock, crude oil fell 13% to nearly $80 a barrel.
Risk signal
“The reopening of the Strait of Hormuz is the risk signal that global markets have been waiting for,” said Matt Mena, senior crypto research strategist at digital 21shares.
“By removing one of the world’s most significant geopolitical bottlenecks, Iran has effectively unleashed a massive wave of liquidity and investor confidence,” he added. “With oil dipping below $85 for the first time in a month, inflation fears may finally be over.”
Bitcoin surged to $78,000, breaking out of a two-month range that had capped prices since early February and up nearly 5% in the past 24 hours.
The move rippled through broader cryptocurrency prices, with major altcoins Ether (ETH), Solana (SOL), and XRP (XRP) posting gains of 4-5%.
When it comes to crypto-related stocks, the biggest winners have been crypto treasury companies – companies that hold digital assets on their balance sheets – which have taken a big beating in recent months.
American Bitcoin (ABTC), backed by the Trump family, surged more than 21%, while Strategy (MSTR) jumped 13%. Strive (ASST) and ProCap (BRR) added around 10-11% as investors returned to high beta bitcoin exposure.
Similar moves have occurred in altcoin-related stocks. Forum Markets (FRMM), an Ethereum-focused treasury company that has pivoted to tokenization, soared 19%, while Solana-related names like Solmate (SLMT) and Upexi (UPXI) gained 12-11%.
Other digital asset stocks also gained: Coinbase (COIN) rose more than 6%, Galaxy (GLXY) gained 8%, and Bullish (BLSH) rose 4.5%.
Just after noon on the East Coast, the Nasdaq and S&P 500 were each up about 1.4%, both hitting new record highs.
