Strategy, Robinhood Stocks Waver. What’s Driving the Moves.

Coinbase stock was rebounding on Monday, following last week’s crypto crash. (Samyukta Lakshmi/Bloomberg)

Key Points

• Crypto stocks, including Coinbase and Strategy, experienced volatility after early gains, with Coinbase down 1.1% and Strategy marginally higher.
• Donald Trump’s softened stance on China tariffs appeared to boost investor risk appetite, leading to a rebound in Bitcoin and other cryptocurrencies.
• Strategy acquired 220 Bitcoin in the week ending October 12 at an average cost of $123,561, increasing its total holdings to 640,250 Bitcoin.

Crypto stocks wobbled after early gains as President Donald Trump struck a more conciliatory tone when discussing potential U.S. tariffs on China.

Both Coinbase Global and Strategy, formerly known as MicroStrategy, gained ground in premarket trading, but then lost steam. Shares of the digital-asset exchange were down 1.1% at mid morning, while Strategy was marginally higher. The online trading platform Robinhood Markets rose 0.4%. The S&P 500 gained 1.1% higher.

The moves came after Trump on Sunday softened his tone on China tariffs, which appeared to bolster investors’ appetite for risk assets following Friday’s broad and brutal selloff. Bitcoin and other cryptos rebounded over the weekend.

Strategy also on Monday published an update on its latest Bitcoin purchases. The company bought 220 Bitcoin in the week ended Oct. 12, for an average cost of $123,561. The purchases bring Strategy’s total holding to 640,250 Bitcoin, valued at about $73.6 billion as of Monday’s prices.

Write to George Glover at george.glover@dowjones.com