ASST, HOOD, COIN, BMNR Stocks Rally After BTC Nears $78K On Strait Of Hormuz Reopening

• Strategy, Strive, iPower, American Bitcoin, and CEA Industries were among the crypto-linked equities to register double-digit gains during morning trade.
• Coinbase and Robinhood rallied around 6% each with retail sentiment on Stocktwits trending in ‘extremely bullish’ territory. 
• BMNR’s stock rose almost 5%, paring gains from a rally of over 10% at market open, leaving some users on Stocktwits disappointed that the shares did not rally as much as MSTR’s stock.

Crypto-linked equities, including Vivek Ramaswamy-backed Strive (ASST), Robinhood (HOOD), Coinbase (COIN), and Tom Lee’s Bitmine Immersion Technologies (BMNR) rallied on Friday morning after Bitcoin’s (BTC) price crossed $78,000.

Bitcoin’s price rose over 4% in the last 24 hours to $77,700, paring gains after hitting an intraday high of over $78,200, according to CoinGecko data. BTC was among the top trending tickers on Stocktwits at the time of writing. Retail sentiment around Bitcoin trended in ‘bullish’ territory over the past day, accompanied by chatter at ‘high’ levels. 

Michael Saylor-backed Strategy (MSTR) was also among the top trending tickers after an uptick of 15% in morning trade, alongside Strive, Robinhood, Bitmine, and Coinbase. 

Crypto Stocks Rally Alongside Surge In BTC Price

ASST’s stock clocked a double-digit gain of over 12%, reaching an intra-day high of nearly $16, last seen in January. Retail sentiment on Stocktwits around Strive trended in ‘extremely bullish’ territory, accompanied by ‘extremely high’ levels of chatter. 

Other Bitcoin-linked stocks rallying by more than 10% included American Bitcoin (ABTC), iPower (IPW), and CEA Industries (BNC).

COIN’s stock and HOOD’s stock gained over 6% each. Retail sentiment around Coinbase’s shares improved to ‘extremely bullish’ from ‘bullish’ territory, with chatter at ‘normal’ levels. Meanwhile, sentiment around Robinhood’s shares remained in the ‘extremely bullish’ zone over the past day, accompanied by ‘extremely high’ levels of chatter. 

Why Are Crypto Tokens and Equities Rallying Today?

The cryptocurrency rally came after  Iran’s foreign minister Seyed Abbas Aragchini announced that the Strait of Hormuz would be “completely open” as long as there’s a ceasefire in place. 

"The passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Araghchi wrote on X. The two-week US-Iran ceasefire brokered by Pakistan earlier this month is set to expire on April 22. 

Bitmine Clocks Gain On Ethereum Pump

BMNR’s stock rose almost 5%, paring gains from a rally of over 10% at market open. Retail sentiment around Bitmine remained in ‘bullish’ territory, while chatter rose to ‘extremely high’ from ‘high’ levels over the past day. Some users on the platform were disappointed that BMNR’s stock did rally as much as MSTR’s stock.

Unlike Strategy and Strive, which have Bitcoin-based digital asset treasuries (DATs), Bitmine’s DAT strategy is backed by Ethereum (ETH). Ethereum’s price gained 4.8% in the last 24 hours to around $2,450. Retail sentiment around the leading altcoin on Stocktwits trended in ‘bullish’ territory over the past day, accompanied by chatter at ‘high’ levels.

Read also: Eric Jackson Claims Crypto Treasury Play EMJX Outpaced S&P 500 By 10% Ahead Of SRx Health Merger

For updates and corrections, email newsroom[at]stocktwits[dot]com.