Crypto-linked stocks rally while the S&P 500 falls 2.5%

Crypto-linked stocks largely withstood the April rough broader stock market, lifted by a fresh jump in Bitcoin.

Shares connected to digital coins jumped even as the S&P 500 Index lost ground. Michael Saylor’s Strategy, trading platform Coinbase Global Inc., and miner CleanSpark Inc. each scored double-digit gains during the month, outpacing the tech firms they usually track.

As reported by Bloomberg , the push followed a 13 % rise in Bitcoin itself, reopening arguments about the token as a possible safer asset during market instability. Equities tied to Bitcoin usually swing harder than the crypto asset itself, so they climbed faster when prices went up.

“The main driver has been obviously the spot price,” said Keefe Bruyette & Woods analyst Bill Papanastasiou. “A lot of these miners as well, during this whole tariff debacle, were hit pretty hard, and now they’re rebounding.”

Many crypto-linked stocks are yet to rebound

Still, many crypto shares are down for the year after a rough first quarter, when falling Bitcoin prices dragged them lower. Mining firms have been hit hard as smaller token rewards cut profits and tariffs threaten to lift hardware costs.

April’s performers included smaller firms copying MicroStrategy’s Bitcoin buys . Upexi Inc. has soared roughly 450% in April after outlining a plan to raise $100 million to acquire Solana tokens. Blank-check vehicle Cantor Equity Partners Inc. has tripled as it works on a Bitcoin fund tied to key industry players.

Moreover, Galaxy Digital Holdings Ltd. led with shares up nearly 40%. It won permission to list on Nasdaq and gained AI computing work from CoreWeave Inc.

“Galaxy is very intriguing just given its multitude of businesses,” said Cantor Fitzgerald analyst Brett Knoblauch. “Obviously, as the crypto market does well, their crypto-adjacent businesses do well.”

Bitcoin surged past gold and tech stocks

Bitcoin climbed higher than gold and major technology shares in April. President Donald Trump’s April 2 statement on new reciprocal tariffs, which he called “Liberation Day,” unsettled investors worldwide.

Since the day before his announcement, the Nasdaq Composite has slipped 0.2% , and the Bloomberg Dollar Index is down roughly 4%.

Gold, often chosen by cautious investors, touched a record of 3,500 dollars an ounce before easing, but it still holds a 6.1% gain. Bitcoin has advanced sharply during the same span.

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