Digital Asset Treasury Firms Lead Crypto Stock Surge as Bitcoin Reaches $78,000

A sharp rally in digital asset treasury firms led the surge in crypto-linked stocks on Friday, driven by progress towards ending the Iran conflict, which boosted risk assets and sent bitcoin to a two-month high of $78,000. President Trump stated that Iran has pledged to keep the Strait of Hormuz open, a crucial artery for global energy markets, and that peace talks between the countries are advancing. Reports of the US considering unfreezing $20 billion in Iranian assets and Trump's comments on acquiring Iran's enriched uranium further lifted sentiment. As a result, crude oil prices dropped 13% to near $80 per barrel, calming fears of a prolonged energy crisis. The reopening of the Strait of Hormuz has been 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, while major altcoins such as ether, Solana, and XRP posted gains of 4%-5%. The move also led to a surge in crypto-related equities, with crypto treasury firms being the biggest winners. These firms, which hold digital assets on their balance sheets, had been heavily battered in recent months but saw significant gains, with some rising over 20%. The surge was not limited to bitcoin-related stocks, as altcoin-linked equities also saw significant gains. The rally was reflected in the broader market, with the Nasdaq and S&P 500 reaching new record levels.