Crypto-linked stocks surged Friday, led by a sharp rally in beaten-down digital asset treasury firms, as progress toward ending the Iran war jolted risk assets, sending bitcoin to a two-month high of $78,000.

U.S. President Donald Trump said in a Truth Social post that Iran committed to keeping open the Strait of Hormuz, a key artery for global energy markets.

"Iran has just announced that the Strait… is fully open and ready for full passage," Trump said in a Truth Social post, adding that peace talks between the countries were progressing. Reports that the U.S. is considering unfreezing $20 billion in Iranian assets and Trump's remarks about acquiring Iran's enriched uranium further boosted sentiment.

As the headlines helped calm fears of a prolonged energy shock, crude oil tanked 13% to near $80 per barrel.

Risk-on signal

"The reopening of the Strait of Hormuz is the risk-on signal the global markets have been waiting for," said Matt Mena, senior crypto research strategist at digital 21shares.

"By removing one of the most significant geopolitical chokepoints in the world, Iran has effectively uncorked a massive wave of liquidity and investor confidence," he added. "With oil nose diving below $85 for the first time in a month, inflation fears may finally come to an end."

Bitcoin climbed to $78,000, breaking out from a two-month range that capped prices since early February and up nearly 5% over the past 24 hours.

The move rippled across the broader cryptocurrency prices higher, with major altcoins ether (ETH), Solana (SOL) and $XRP($XRP) posting 4%-5% gains.

Looking at crypto-related equities, the biggest winners were crypto treasury firms — companies that hold digital assets on their balance sheets — which had been heavily battered in recent months.

Trump-family-backed American Bitcoin (ABTC) jumped more than 21%, while Strategy (MSTR) surged 13%. Strive (ASST) and ProCap (BRR) added around 10%-11% as investors rotated back into high-beta bitcoin exposure.

Similar moves played out across altcoin-linked equities. Forum Markets (FRMM), an Ethereum-focused treasury firm that pivoted to tokenization, climbed 19%, while Solana-linked names like Solmate (SLMT) and Upexi (UPXI) gained 12%-11%.

Other digital asset-related stocks also advanced: Coinbase (COIN) rose more than 6%, Galaxy (GLXY) gained 8%, and Bullish (BLSH) rose 4.5%.

Just after the noon hour on the East Coast, the Nasdaq and S&P 500 were each higher by about 1.4%, both jumping to new record levels.

This detailed match analysis covers key moments, player performances, and tactical insights.