(Bloomberg) — Cryptocurrency-linked stocks rallied in April, riding a surge in the price of Bitcoin to emerge largely unscathed by the turbulence that roiled US equity markets.

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Shares of Michael Saylor’s Strategy, exchange operator Coinbase Global Inc. and mining firm CleanSpark Inc. all climbed sharply, logging double-digit gains even as the S&P 500 Index slipped 0.8%. The rally propelled them past the tech stocks they often mirror.

The momentum came alongside a roughly 15% rally in Bitcoin, which has renewed the debate over its role as a safe haven for investors. Stocks tied to the digital asset are typically more volatile than the token itself, often magnifying gains when prices rise.

“The main driver has been obviously the spot price” for companies with Bitcoin exposure, Keefe Bruyette & Woods analyst Bill Papanastasiou said. “And a lot of these miners as well, during this whole tariff debacle, were hit pretty hard, and now they’re rebounding.”

The upswing comes with some caveats. Many crypto stocks remain in the red for the year, after a brutal first quarter when falling Bitcoin prices dragged them down. In particular, shares of crypto miners have been battered as token-minting becomes less profitable and tariffs threaten to push up hardware costs.

The most eye-popping gains this month came from companies with plans to emulate Strategy’s Bitcoin-buying spree. Upexi Inc. gained more than 400% in April, fueled by a plan it unveiled to raise $100 million to buy the Solana token. Meanwhile, shares of blank-check company Cantor Equity Partners Inc. nearly quadrupled on plans to create a Bitcoin vehicle tied to major players in the industry.

Among major firms, conglomerate Galaxy Digital Holdings Ltd. led the pack. Its shares rose more than 40% this month, buoyed by permission to list on the Nasdaq and more AI-computing business from CoreWeave Inc.

“Galaxy is very intriguing just given its, I would say, multitude of businesses it has going for it,” Cantor Fitzgerald analyst Brett Knoblauch said. “And obviously as the crypto market does well, their crypto-adjacent businesses do well.”

(Updates share moves throughout, Bitcoin move in third paragraph.)

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