Digital Asset Firms Lead Cryptocurrency Stock Rally as Bitcoin Reaches $78,000

A significant surge in crypto-related stocks occurred on Friday, driven by digital asset treasury firms, as progress in ending the Iran conflict boosted risk assets and pushed bitcoin to a two-month high of $78,000. US President Donald Trump announced that Iran had committed to keeping the Strait of Hormuz open, a crucial passage for global energy markets, and that peace talks between the countries were advancing. Reports of the US potentially unfreezing $20 billion in Iranian assets and Trump's comments on acquiring Iran's enriched uranium further enhanced market sentiment. As a result, crude oil prices dropped 13% to nearly $80 per barrel. The reopening of the Strait of Hormuz is seen as a risk-on signal for global markets, according to Matt Mena, a senior crypto research strategist. Bitcoin broke out of its two-month range, climbing to $78,000 and rising nearly 5% in the past 24 hours. Major altcoins, including ether, Solana, and XRP, also saw gains of 4%-5%. Crypto-related equities, particularly crypto treasury firms, experienced significant gains, with American Bitcoin jumping over 21% and Strategy surging 13%. Similar trends were observed in altcoin-linked equities, with Forum Markets rising 19% and Solana-linked names like Solmate and Upexi gaining 12%-11%. Other digital asset-related stocks, including Coinbase, Galaxy, and Bullish, also advanced, with the Nasdaq and S&P 500 reaching new record levels.