Cryptocurrency-linked stocks rose on Friday, led by a strong rally in ailing digital asset treasuries, while progress toward ending the Iran war shook risk assets, sending bitcoins. to a two-month high of $78,000.
US President Donald Trump said in a Truth Social post that Iran was committed to keeping the Strait of Hormuz, a key artery to global energy markets, open.
“Iran just announced that the Strait… is completely open and ready for full passage,” Trump said in a Truth Social post, adding that peace talks between the countries were progressing. Reports that the United States is considering unfreezing $20 billion in Iranian assets and Trump’s comments about acquiring enriched uranium from Iran further boosted sentiment.
As the headlines helped calm fears of a prolonged energy crisis, crude oil plunged 13% to near $80 a barrel.
Risk sign
“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 important geopolitical bottlenecks, Iran has effectively unleashed a massive wave of liquidity and investor confidence,” he added. “With oil falling below $85 for the first time in a month, inflation fears may finally come to an end.”
bitcoin rose to $78,000, breaking out of a two-month range that has capped prices since early February and is up nearly 5% in the past 24 hours.
The move impacted cryptocurrency prices overall, with major altcoins ether (ETH), Solana (SOL), and XRP (XRP) posting gains of 4% to 5%.
As for cryptocurrency-related stocks, the biggest winners were cryptocurrency treasury companies (companies that hold digital assets on their balance sheets) which had been hit hard in recent months.
The Trump family-backed American Bitcoin (ABTC) jumped more than 21%, while Strategy (MSTR) rose 13%. Strive (ASST) and ProCap (BRR) added 10% to 11% as investors re-embraced high-beta bitcoin exposure.
Similar moves occurred in altcoin-linked stocks. Forum Markets (FRMM), an Ethereum-focused treasury firm that pivoted toward tokenization, rose 19%, while Solana-linked names like Solmate (SLMT) and Upexi (UPXI) gained 12% to 11%.
Other digital asset-related stocks also advanced: 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 rose about 1.4% each, both jumping to new record levels.
