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The Strategy (Nasdaq: MSTR), formerly MicroStrategy, stock rallied 19% on Apr. 9 as President Donald Trump announced a pause on tariffs for 90 days for most countries except China.
The MSTR stock closed at $296.86 on Apr. 9. However, it slipped 4.46% during the early trading hours on Apr. 10 to $283.31.
Prior to Trump’s latest move, the crypto market was going through a turbulent phase due to the fallout from Trump’s tariff war.
Bitcoin fell to as low as $75,000 on Apr. 9, sending crypto traders into a panic. However, the dip didn’t deter Strategy founder Michael Saylor from believing in the king coin.
Saylor offered a one-word advice during the market panic, “HODL.” HODL, or “hold on for dear life,” is a term used to describe holding crypto assets during bear markets.
Saylor’s firm has been HODLing Bitcoin big time and never sold it since its aggressive Bitcoin acquisition in 2020. Strategy holds 528,185 BTC worth $43 billion as of Apr. 10.
Other crypto stocks also soared following Trump's latest announcement.
MARA Holdings (Nasdaq: MARA) soared 17% to close at $12.31 on Apr. 9. The mining firm's stock was trading at $11.46 at press time.
Coinbase Global (Nasdaq: COIN) also soared 17% to close at $177.09 on Apr. 9. The crypto exchange's stock was trading at $171.79 at press time.
Trump, who levied "reciprocal tariffs" on most countries on Apr. 2, has now taken a rather conciliatory approach toward allies and neutral countries after a week of turmoil in the global markets.
However, China remains Trump's primary target as he hiked tariffs on the country from 104% to 125% on Apr. 9.