Crypto Stocks Emerge Unscathed From April’s Market Turmoil
(Bloomberg) — Cryptocurrency-linked stocks rallied in April, riding a surge in the price of Bitcoin to emerge largely unscathed by the turbulence that roiled US equity markets.
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Shares of Michael Saylor’s Strategy, exchange operator Coinbase Global Inc. and mining firm CleanSpark Inc. all climbed sharply, logging double-digit gains even as the S&P 500 Index slipped 0.8%. The rally propelled them past the tech stocks they often mirror.
The momentum came alongside a roughly 15% rally in Bitcoin, which has renewed the debate over its role as a safe haven for investors. Stocks tied to the digital asset are typically more volatile than the token itself, often magnifying gains when prices rise.
