Bitcoin climbed above $65,000 on Monday and approached $66,800 during trading after the United States and Iran reached a preliminary agreement aimed at reopening the Strait of Hormuz, triggering a broader rally across global markets as investors moved back into riskier assets.
The cryptocurrency's advance came alongside gains in equities, crypto-related stocks and other speculative investments, while oil prices fell sharply and the U.S. dollar weakened. Investors interpreted the agreement as a potential turning point in a conflict that had disrupted energy markets and fueled concerns about global economic growth.
The deal, announced by U.S. and Iranian officials and expected to be formally signed in Switzerland later this week, raised hopes that energy shipments through one of the world's most strategically important waterways could gradually resume. Roughly one-fifth of global oil supplies move through the Strait of Hormuz, making any disruption a major concern for traders.
As fears of prolonged supply interruptions eased, capital flowed back into assets that tend to perform well when investors become more comfortable taking risk. Bitcoin was among the clearest beneficiaries.
The rally extended beyond digital currencies.
According to Reuters, global stock markets advanced while the dollar fell to a 10-day low against major currencies after details of the agreement emerged. Oil prices moved sharply lower as traders reduced geopolitical risk premiums that had built up during months of uncertainty surrounding Iran and the broader Middle East.
Crypto-linked companies also participated in the rebound. Shares of Coinbase, Strategy and Robinhood moved higher as investors sought exposure to the strengthening digital-asset market.
Strategy, formerly known as MicroStrategy, disclosed another major 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 price of $63,024 per coin.
The latest purchase further expanded Strategy's position as the largest corporate holder of bitcoin.
According to the filing:
- Strategy now owns 846,842 bitcoin.
- The holdings were acquired at a total cost of approximately $64.07 billion.
- The average purchase price stands at $75,656 per bitcoin.
- The company reported roughly $1.1 billion in cash reserves as of June 14.
Institutional involvement remained another focal point for investors evaluating the sector's long-term outlook.
Bitmine Immersion Technologies disclosed that it held more than 5.6 million ether as of June 14, representing approximately 4.66% of Ethereum's total supply. The company said more than 4.7 million of those tokens are currently staked through its Made in America Validator Network, known as MAVAN.
Bitmine also announced that its 9.50% Series A Perpetual Preferred Stock, trading under the ticker BMNP, is expected to begin trading on the New York Stock Exchange on June 16, a move that could further increase investor visibility into the company's crypto-related operations.
Elsewhere, Strive Asset Management reported adding 73 bitcoin during the week ended June 14 at an average purchase price of approximately $63,646 per coin. According to Yahoo News, the acquisition increased the firm's holdings to 19,105 bitcoin, while cash and cash equivalents totaled approximately $141.4 million.
