MSTR, Riot, Coinbase Jump After Bitcoin Tops $118,000 Despite Broader Market Weakness On Trump’s Trade War

Crypto-linked stocks surged in pre-market trade on Friday after Bitcoin’s (BTC) price rocketed past $118,000, even as the broader equities market was in the red.

The SPDR S&P (SPY) 500 fell as much as 0.5%, while the SPDR Dow Jones Industrial Average ETF (DIA) tumbled 0.6%. However, the largest corporate holder of Bitcoin – Michael Saylor-backed Strategy (MSTR) – rose over 3% in early trading, on pace to reach its highest level this year. The last time Strategy’s stock neared this point was in December. 

On Stocktwits, retail sentiment around the company surged to ‘extremely bullish’ territory from ‘neutral’ a day ago amid ‘extremely high’ levels of chatter.

Bitcoin miners and other companies with Bitcoin-led treasury strategies were also rallying in pre-market trade on Friday, including Riot Blockchain (RIOT), Marathon Digital (MARA), Hut 8 (HUT), and Coinbase (COIN).

One of the few crypto-linked stocks in the red was Robinhood (HOOD). HOOD’s stock dipped 1.3% in pre-market trade after reports of Florida’s Attorney General launching an investigation into the crypto exchange over claims of ‘deceptive’ low-cost trading.

Meanwhile, Coinbase’s stock – also a crypto-exchange – edged 1% higher. Among Bitcoin miners, HIVE Digital’s stock saw the biggest uptick in early morning trade, jumping by as much as 6.5%. Bit Digital (BTBT) and Hut 8’s stock saw a jump of over 4% with Marathon, Cipher Mining, and Cleanspark climbing a little over 3%. Riot’s stock, the second-largest corporate holder of Bitcoin, gained 2%. 

The upswing in crypto-linked stocks, despite weakness in the broader market, came as Bitcoin hit an all-time high of $118,667 after President Trump announced a fresh round of tariffs on its trading partners, including a 35% levy on Canada. This topped the record high Bitcoin saw on Wednesday, when its price crossed $112,000. Bitcoin's rally also comes ahead of 'Crypto Week' in Washington next week.

Following its latest rally, Bitcoin’s price has more than doubled in the last year, with a gain of 8% over the past month. Retail sentiment on Stocktwits around the cryptocurrency jumped to ‘extremely bullish,’ up from ‘bullish’ a day ago and ‘bearish’ just a month earlier.

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Read also: Bitcoin Tops $118,000, Triggers Record $1.1 Billion in Short Liquidations