Crypto stocks including Strategy, Robinhood and Coinbase rose Friday as bitcoin prices broke a two month high, following the reopening of the Strait of Hormuz.
The price of bitcoin, which stalled below $76,000 all week, topped $78,000 Friday morning, reaching a two-month high.
Strategy was up as much as 16%, while Robinhood and Coinbase stocks are up around 6% Friday—with all three stocks climbing around 30% this week.
The surges are part of a broader stock market rally after Iran announced it would reopen the Strait of Hormuz on Friday, with major indexes including the S&P 500 and NASDAQ reaching record highs.
Strategy, a bitcoin treasury run by billionaire Michael Saylor (net worth: $4.9 billion), has purchased $1 billion worth of the cryptocurrency in the last two weeks, bringing the company’s holdings to 780,897 BTC worth more than $60 billion today.
The price of Ethereum, XRP and Solana are up around 10% this week.
Crypto prices are climbing following a “crypto winter” that slashed the price of bitcoin by nearly 50% from an all-time high of around $125,000 in October 2025 to around $63,000 in February—a prolonged slide that accelerated as the outbreak of the U.S.-Iran war rattled global risk appetite. The crypto downturn punished players like Strategy, which reported that it lost nearly $14.5 billion in value in the quarter ending March. This isn’t crypto’s first winter: The first came in 2018, when bitcoin crashed from nearly $20,000 to around $3,000 after the crypto craze collapsed under the weight of fraud, regulatory crackdowns and the realization that most projects had no real utility—wiping out roughly 85% of bitcoin's value. The second and most structurally damaging winter arrived in 2022, when the implosion of cryptocurrency ecosystem Terra Luna set off a chain reaction that ultimately took down FTX, the world's second-largest crypto exchange, and led to the highly-publicized arrest of founder Sam Bankman-Fried. At the time, bitcoin bottomed near $15,500, down about 77% from its 2021 peak. The pattern across crypto winters has left the industry spending the subsequent years rebuilding trust and lobbying for regulatory clarity—such as the CLARITY Act currently moving through the Senate—in hopes to prevent the next one. Since February’s lows, the crypto market has since staged a recovery on ceasefire optimism and renewed regulatory tailwinds, but investors are still uncertain whether this winter is truly over or just thawing.
$1.6 trillion. That’s bitcoin’s current market cap. It is the largest cryptocurrency by a large margin. The second-largest cryptocurrency, Ethereum, hovers around $2,000 per token.
Another reason for rising crypto prices is the renewed optimism around the regulatory environment. Thanks to the crypto-friendly Trump administration, Washington has been working on writing rules for the industry after years of confusion, although progress has stalled in the past year. The current centerpiece is the CLARITY Act, a bill that would draw a clear map of which crypto assets are regulated by the SEC and which fall under the more crypto-friendly CFTC. The bill's precursor, the GENIUS Act, passed the Senate and House by July 2025, establishing the first federal framework. The broader CLARITY Act followed, passing the House in July 2025, before stalling in the Senate for nearly a year. In January, the Senate Banking Committee was scheduled to advance the bill, but momentum collapsed when key industry players withdrew support over a proposed ban on stablecoin interest payments—banks argued that letting crypto platforms pay yield on stablecoins would harm traditional lenders. The bill sat frozen from January through mid-March with the Senate pushing back the markup hearing multiple times.
Coinbase's chief policy officer said on Thursday he predicts a Senate Banking Committee markup in April and a full floor vote in May—analysts warn that if it doesn't clear committee this month, the probability of passing legislation in 2026 at all drops to extremely low levels as midterm election politics consume the Senate's calendar. On April 14, a White House adviser confirmed a compromise has been reached on the long-standing stablecoin yield dispute—the core issue that had been blocking the bill since January. The Senate Banking Committee is now planning a markup session in late April.$GTC $PHB $PORTAL
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