Strategy shares rose 10% intraday and peaked at their highest level since mid-January, driven by renewed risk appetite. However, shares remain down about 42% from their six-month peak, highlighting lingering volatility.

Bitcoin climbed 4.1% to near $77,200, valuing Strategy’s 781,000-coin portfolio at $60.5 billion—its first profitable position in three months given an average acquisition cost of $75,577 per coin.

A declaration that the Strait of Hormuz is fully open under a 10-day ceasefire spurred risk-on flows, though analysts caution weaker momentum and investor wariness could temper future gains in crypto-linked equities.