Strategy, Coinbase and crypto stocks soar as markets rebound following Trump's 90-day tariff relief

Markets received a jolt Wednesday afternoon after President Donald Trump said he would pause his worldwide reciprocal tariffs.

President Trump has paused tariffs for 90 days and lowered reciprocal duties to 10% for most countries, effective immediately; China’s tariff rate will jump to 125%.

Traditional U.S. indices surged 10% intraday, reversing some of the damage over the past week. Crypto markets also surged, with the price of bitcoin jumping more than 7%, while some of the larger altcoins such as ether and sol jumped as much as 13%, according to The Block's price data.

"Well, I thought that people were jumping a little bit out of line," President Trump told reporters outside the White House. "They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid...because we have a big job to do."

On the equity front, crypto-related stocks were surging. The charge was led by Strategy (formerly MicroStrategy), which closed higher by more than 24%. The move nearly eclipsed its previous one-day move of 25.7% from Nov. 11, 2024, according to data site Market Chameleon.

Crypto exchange Coinbase closed up about 16.8%, while other crypto-related stocks like Robinhood and Block jumped 23.5% and 14.3%, respectively.

Among Bitcoin mining firms, Bitfarms led the way with a 23.6% spike in its share price. Late Tuesday, Riot Platforms pulled back its influence over Bitfarms, agreeing to limit its voting power to 9.9% and transferring the rest to Bitfarms through an irrevocable proxy in a move that could ease tensions in their ongoing takeover saga. For its part, Riot's stock was up about 12.7%.

MARA Holdings, the largest publicly traded Bitcoin mining company by market cap, rose 17% in Wednesday's session. Similar moves were seen in Bitdeer, Cipher Mining, Hive Digital and Core Scientific, among others.

The GMCI 30 was up 9.3% at publication time.