Although a clear end to the escalating tensions between the United States and Iran remains elusive and the broader crypto markets have felt mostly negative effects, fresh reports suggest that passage through the Strait of Hormuz may involve bitcoin.
Quoting the semi-official Fars News Agency, journalist Walter Bloomberg reported that Iran has launched a bitcoin-settled insurance service for vessels transiting the Hormuz.
IRAN LAUNCHES BITCOIN-BASED SHIPPING INSURANCE FOR HORMUZ
Iran has introduced a Bitcoin-settled insurance service for vessels passing through the Strait of Hormuz, according to the semi-official Fars News Agency.
The “Hormuz Safe” system is reportedly designed to cover ships…
— Walter Bloomberg (@DeItaone) May 18, 2026
The program, referred to as “Hormuz Safe,” is said to offer coverage for ships using the strategically important waterway and could potentially generate more than $10 billion in revenue, according to some sources.
Additional commentary from the Kobeissi Letter indicates the service will target Iranian shipping companies and cargo owners. Reports say coverage begins once the service is confirmed, and a signed receipt will be issued to the owner at that time.
Earlier reports, published over a month ago, suggested Iran might levy charges of up to $2 million in bitcoin from ships passing the strait. The latest update does not clarify that claim or confirm whether the new insurance would be charged on top of any existing tolls or levies.
Markets reacted to prior announcements: bitcoin’s price jumped following the earlier report and remains higher than its local low recorded today. At the time of writing, BTC trades around $77,700 after briefly dipping below $76,600 earlier in the day.