BitMine and Strategy Stocks Rally as Crypto Treasury Companies Outpace Crypto Market

TLDR

• BitMine Immersion Technologies stock jumped nearly 20% on Monday, rising from $27 to over $31 per share
• Digital asset treasury stocks outperformed the broader crypto market, which gained 2.1% in total capitalization
• BitMine now holds 3% of total Ether supply, valued at $10.6 billion across 3.63 million ETH
• Institutional ownership of BitMine increased from 6% to 31.7% in just 13 days
• Strategy (MSTR) gained 5% and SharpLink Gaming (SBET) rose 6% during Monday trading

Digital asset treasury companies saw strong stock performance on Monday, with BitMine Immersion Technologies leading gains among major crypto holding firms. The stock jumped nearly 20% during trading hours.

BitMine’s share price climbed from just below $27 to top $31 by the close of trading. The gains held steady in after-hours trading as Ethereum prices continued to rise.

Bitmine Immersion Technologies, Inc., BMNR

The stock has declined 50% since early October when crypto markets peaked. However, BitMine remains up 630% since the company began its Ether accumulation strategy in late June.

Other digital asset treasury stocks also posted gains on Monday. SharpLink Gaming saw its stock rise almost 6%, with share prices topping $10.

Michael Saylor’s Strategy added 5% to reach $179 by the end of the trading day. These gains came as the broader crypto market saw more modest increases.

Total crypto market capitalization grew 2.1% over the past 24 hours. Digital asset treasury stocks outpaced these market-wide gains.

Macro investor Ted Pillows commented that Ethereum treasury companies are showing no signs of bottoming. He suggested a reversal in these stocks could trigger a major reversal in ETH prices.

BitMine Reaches 3% of Total Ether Supply

BitMine has continued accumulating Ethereum during the recent market correction. The company now holds 3% of the total Ether supply.

Chairman Tom Lee noted the company is two-thirds on the way to the “Alchemy of 5%.” BitMine currently holds 3.63 million ETH worth around $10.6 billion.

The company bought 69,822 ETH last week during market dips. This purchase was announced on Monday.

Institutional investment in BitMine has grown rapidly. Data from Nasdaq shows institutional ownership jumped from 6% to 31.7% in just 13 days.

Ether Price Recovery

Ether prices gained around 3% over the past 24 hours. The asset hit an intraday high of $2,980 during late Monday trading.

ETH found resistance at that level and retreated slightly. The cryptocurrency remains down 41% from its all-time high of $4,946 reached in August.

Tom Lee commented that the continued decline in crypto prices reflects impaired liquidity since October 10th. He noted that price technicals remain weak.

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