The price of various crypto-linked stocks soared on Wednesday after U.S. President Donald Trump unveiled a 90-day pause on implementing most of his “reciprocal” tariffs.
Strategy, Coinbase and major Bitcoin miners were well into positive territory as U.S. markets closed, reversing more than a week of steep losses.
The president said over 180 countries would see temporary relief “effective immediately,” although Chinese goods would still be subject to stiff levies, raising the total rate on the country to 125%. For weeks, stocks and cryptocurrencies have been battered by Trump’s on-again, off-again tariffs, as investors weigh how his sweeping measures could stunt economic growth and bolster inflation.
The White House’s about-face on Wednesday provided instant relief.
Strategy’s stock surged 23% to $292 per share, according to Nasdaq. After the company’s share price slipped as low as $236 on Monday, hitting its lowest point in nearly a month, Wednesday’s move pushed Strategy’s stock into positive territory on the year.
The Tysons, Virginia-based company, which pivoted its focus from software to become the largest corporate holder of Bitcoin, has inspired several leveraged exchange-traded funds that delivered outsized returns. The T-Rex 2X Long MSTR Daily Target ETF (MSTU), for example, jumped 46% to around $5.20, according to Yahoo Finance.
Tesla, which also has large Bitcoin holdings, was up more than 20% amid a dramatic upswing in major equity indexes, including the tech-heavy Nasdaq, which rose more than 11%.
Crypto exchange Coinbase saw its stock jump over 18% on Wednesday, rising to $179 per share, according to Nasdaq. Over the past three trading days, Cathie Wood’s Ark Invest had scooped up $31 million in Coinbase shares, according to Cathie’s Ark.
Toronto, Canada-based Bitfarms was among Bitcoin miners that jumped highest, rising over 26% to $0.85, according to Yahoo Finance. However, its stock price remains down 45% over the past year.
The stock prices of many Bitcoin mining firms also climbed upwards of 10% on Wednesday, including Cipher Mining (18%), TeraWulf (12%), Riot Platforms (13%), CleanSpark (15%), and Marathon Holdings (18%).
The trading platform Robinhood, whose crypto-related revenue soared 700% in the fourth quarter of last year, saw its stock price jump as well. The firm’s shares were recently changing hands around $42, cruising 23% higher on the day.
Edited by James Rubin
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