Bitcoin climbed above $65,000 Monday, reaching its highest level in nearly two weeks as investors reacted to an agreement between the United States and Iran to reopen the Strait of Hormuz.
The cryptocurrency gained alongside stocks and other risk-sensitive assets after U.S. and Iranian officials confirmed the deal, with the preliminary expected to be formally signed in Switzerland on Friday.
Bitcoin traded above $65,000 during the session and later approached $66,800 as traders moved back into higher-risk assets. The broader market reaction included a decline in oil prices and a weakening U.S. dollar, reflecting reduced concerns about energy supply disruptions and geopolitical instability, another report by the news agency said.
The Hormuz closure disrupted energy markets and contributed to volatility across financial assets. The agreement between Washington and Tehran prompted an immediate response from investors, with oil prices falling sharply as expectations grew that energy flows could gradually resume.
Crypto-related stocks also moved higher. Shares of crypto exchange Coinbase, bitcoin holder Strategy, and trading platform Robinhood rose alongside the broader cryptocurrency market as investors embraced a renewed risk-on environment, The Fly News reported.
Strategy, formerly MicroStrategy, disclosed another bitcoin purchase in a regulatory filing released Monday. The company said it acquired 1,587 bitcoin between June 8 and June 14 for approximately $100 million at an average purchase price of $63,024 per coin. The acquisition was funded through sales of Class A shares under its at-the-market offering program.
The filing showed Strategy now holds 846,842 bitcoin acquired at an aggregate cost of approximately $64.07 billion, with an average purchase price of $75,656 per bitcoin. The company also reported holding approximately $1.1 billion in cash reserves as of June 14.
Institutional participation remained another focus for investors. Bitmine Immersion Technologies disclosed that it held more than 5.6 million ether as of June 14, representing about 4.66% of the cryptocurrency’s total supply. The company said more than 4.7 million of those tokens are staked through the Made in America Validator Network, or MAVAN.
Bitmine also announced that its 9.50% Series A Perpetual Preferred Stock, trading under the ticker BMNP, is scheduled to begin trading on the New York Stock Exchange on June 16.
Elsewhere, Strive Asset Management reported purchasing 73 bitcoin during the week ended June 14 at an average price of about $63,646 per coin. The purchase increased the firm’s holdings to 19,105 bitcoin. The company also reported cash and cash equivalents totaling approximately $141.4 million, Yahoo News reported.
The market rally extended beyond cryptocurrencies. Global stocks advanced while the dollar slipped to a 10-day low against major currencies after details of the agreement emerged, Reuters reported. Investors viewed the deal as a significant step toward reducing tensions that have weighed on markets since the conflict began following joint U.S.-Israeli strikes on Iran earlier this year.
Despite the breakthrough, shipping companies remained cautious about immediately resuming operations through the Strait of Hormuz. Several major shipping operators said they were awaiting further confirmation regarding security conditions and mine-clearing efforts before returning vessels to the route, Reuters reported.