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

A sharp increase in crypto-linked stocks occurred on Friday, driven by the recovery of digital asset treasury firms, as progress towards resolving the Iran conflict boosted risk assets and sent bitcoin to a two-month high of $78,000. US President Donald Trump announced on Truth Social that Iran had committed to keeping the Strait of Hormuz open, a crucial passage for global energy markets. Trump also stated that peace talks between the countries were progressing, and reports of the US considering the unfreezing of $20 billion in Iranian assets and acquiring Iran's enriched uranium further improved sentiment. As a result, crude oil prices plummeted 13% to nearly $80 per barrel. According to Matt Mena, senior crypto research strategist at Digital 21Shares, 'The reopening of the Strait of Hormuz is the risk-on signal the global markets have been waiting for.' Mena added that by removing a significant geopolitical chokepoint, Iran has 'uncorked a massive wave of liquidity and investor confidence.' With oil prices dropping below $85 for the first time in a month, concerns about inflation may finally subside. Bitcoin surged to $78,000, breaking out of a two-month range, and major altcoins such as ether, Solana, and XRP saw gains of 4%-5%. The move also affected crypto-related equities, with crypto treasury firms being the biggest winners. Companies like American Bitcoin, Strategy, Strive, and ProCap saw significant gains as investors rotated back into high-beta bitcoin exposure. Similar trends were observed in altcoin-linked equities, with Ethereum-focused treasury firm Forum Markets climbing 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.