On Friday, crypto-related stocks experienced a significant surge, spearheaded by digital asset treasury firms that had been struggling, as developments toward ending the Iran conflict buoyed risk assets. This momentum pushed bitcoin (BTC) from $75,050.37 to reach its highest point in two months at $78,000.
In a post on Truth Social, U.S. President Donald Trump announced that Iran assured open navigation through the Strait of Hormuz, an essential passage for global energy supply chains. “Iran has just announced that the Strait… is fully open and ready for full passage,” Trump stated, also noting ongoing peace discussions between the nations. The possibility of the U.S. unfreezing $20 billion in Iranian assets and Trump’s comments regarding Iran’s enriched uranium further invigorated market sentiment.
These developments alleviated concerns over a lasting energy crisis, causing crude oil prices to plummet by 13%, dropping near $80 per barrel.
“The Strait of Hormuz reopening has acted as the risk-on catalyst global markets were anticipating,” remarked Matt Mena, senior crypto research strategist at digital 21shares.
“By removing one of the world’s most critical geopolitical chokepoints, Iran has unleashed a substantial wave of liquidity and investor confidence,” he continued. “With oil prices falling below $85 for the first time in weeks, concerns over inflation may be diminishing.”
Bitcoin (BTC) climbed to $78,000 after breaking free from its two-month range that had capped its value since early February, marking a nearly 5% increase over the past day.
This surge extended across major cryptocurrencies; ether (ETH), Solana (SOL), and XRP (XRP) experienced gains of 4%-5%.
Crypto treasury firms, which manage digital assets on their balance sheets, emerged as the top performers. These companies had faced significant challenges recently. American Bitcoin (ABTC), backed by Trump’s family, saw a rise exceeding 21%, while Strategy (MSTR) climbed 13%. Both Strive (ASST) and ProCap (BRR) increased by about 10%-11% as investors returned to high-beta bitcoin positions.
A similar trend was observed in altcoin-linked equities. Forum Markets (FRMM), an Ethereum-focused treasury firm that recently shifted to tokenization, surged 19%. Solana-related companies like Solmate (SLMT) and Upexi (UPXI) recorded gains of 11%-12%.
Other digital asset-associated stocks also rose: Coinbase (COIN) increased by over 6%, Galaxy (GLXY) gained 8%, and Bullish (BLSH) climbed 4.5%.
Post-noon on the East Coast, both the Nasdaq and S&P 500 had risen approximately 1.4%, reaching new all-time highs.