Crypto stocks rose Monday as bitcoin held $64,000 while Middle East tensions hit Wall Street. Strategy jumped 5%, MARA gained 4%, and Coinbase clawed back losses.
U.S. crypto-linked stocks rose Monday while the broader equity market fell, as bitcoin held above $64,000 and Middle East tensions rattled Wall Street.
By midday Aug. 17, the Nasdaq Composite was down about 56 points, the Dow Jones Industrial Average had shed roughly 189 points and the S&P 500 was lower by about 23 points. Bitcoin (BTC) was up roughly 1% to 1.5% over 24 hours, trading around $64,000 by 1:30 p.m. EDT.
The split from a broader sell-off produced an unusual session. Crypto stocks, which often fall alongside other speculative assets when investors turn defensive, instead caught a bid from bitcoin while geopolitical fears hit the broader equity market harder.
Bitcoin treasury firm Strategy ranked among the strongest performers, jumping roughly 5% to around $97.50. The company holds an enormous bitcoin treasury, leaving its shares tightly wired to bitcoin's price. When bitcoin climbs, Strategy stock can move even harder because traders routinely use it as a publicly traded vehicle for leveraged cryptocurrency exposure.
Strive climbed roughly 5% to 6%, while MARA Holdings gained about 4% to 5%. Circle Internet Group also advanced about 4%, while crypto exchange operator Bullish gained roughly 4%. Coinbase Global was up about 1% to 2% by mid-day, clawing back losses after opening lower.
Not every crypto-linked name caught the bid. Bitgo Holdings slipped about 1%, while bitcoin mining equipment maker Canaan fell roughly 2%. Cleanspark and Hut 8 posted smaller gains, signaling traders were picking winners rather than blindly buying anything carrying a crypto label.
The split emerged as President Donald Trump escalated tensions surrounding the Strait of Hormuz, one of the world's most critical energy shipping routes. Trump told Fox News journalist Trey Yingst that the U.S. would bomb Oman if the country interfered with Washington's efforts to secure an agreement with Iran over the waterway.
Oman has been conducting separate talks with Iran about shipping through the strait as diplomatic efforts drag on. A 60-day negotiating period tied to a June memorandum expired Monday without delivering a broader settlement between Washington and Tehran.
The Strait of Hormuz matters well beyond the Middle East. Before the conflict choked traffic, roughly one-fifth of global oil and gas shipments crossed the narrow waterway, making disruptions capable of driving fuel prices, freight costs, and inflation higher worldwide.
Oil markets captured that anxiety. Brent crude traded around $92 a barrel on Monday, while West Texas Intermediate crude stayed above $84. Shipping through Hormuz has slowed dramatically, leaving traders fixated on whether negotiations can restore anything resembling normal traffic.
For crypto market observers, Monday's break between bitcoin-linked stocks and major indexes matters because many of these companies remain deeply below their 2025 highs. Strategy, Coinbase, MARA, and other crypto-sensitive equities can magnify bitcoin's moves. A sustained cryptocurrency rebound could fuel further gains. Another bitcoin sell-off could erase them just as fast.
The real test is whether this split lasts beyond one trading session. Investors will be watching whether bitcoin can defend $63,000 and $64,000, corporate earnings, mining costs, and worldwide crypto legislation, while global markets remain locked on responses from Oman and Iran and any breakthrough toward reopening the Strait of Hormuz.
Strive Inc. scooped up 79 bitcoin for roughly $5 million, pushing its corporate treasury to 20,246 BTC as of Aug. 17.
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