Crypto Stocks Emerge Unscathed From April’s Market Turmoil (1)

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.

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 hasrenewed the debate over its role as a safe haven for investors. Stocks tied to the digital asset are typically more volatile ...