Digital asset treasury companies showcased impressive stock performance on Monday, with BitMine Immersion Technologies leading the charge among major crypto holding firms. The stock soared nearly 20% during trading hours, climbing from just below $27 to over $31 by the end of the trading session.
This upward momentum held strong in after-hours trading, fueled by a resurgence in Ethereum prices. Despite being down 50% since early October when crypto markets reached their peak, BitMine’s stock has skyrocketed 630% since the inception of its Ether accumulation strategy in late June.
SharpLink Gaming also enjoyed a fruitful day, with its stock price experiencing an almost 6% increase, surpassing $10. Michael Saylor’s Strategy added 5%, closing at $179. These performances stood out, especially as the broader crypto market saw more modest gains, with total market capitalization growing by 2.1% over the last 24 hours.
Market observer Ted Pillows remarked that Ethereum treasury companies are indicating no signs of reversing trends, suggesting that a turnaround in these stocks could lead to significant shifts in ETH prices.
BitMine: Key Player in the Ether Market
BitMine’s aggressive accumulation strategy has secured the company approximately 3% of the total Ethereum supply. The firm currently boasts 3.63 million ETH valued at around $10.6 billion in its treasury.
This accumulation continued with a recent purchase of 69,822 ETH during market dips, a move that was officially announced on Monday. Chairman Tom Lee expressed that the company is “two-thirds of the way” toward achieving the ambitious goal of the “Alchemy of 5%” Ether ownership.
Moreover, institutional interest in BitMine has surged dramatically; ownership increased from 6% to an impressive 31.7% within just a 13-day window, as institutional investors take notice of the company’s strategic positioning.
Ether Market Rebounds Slightly
Ethereum prices rebounded about 3% over the past day, reaching an intraday high of $2,980 during late Monday trading. However, the asset faced resistance at that level and has slightly retreated since, remaining down 41% from its all-time high of $4,946 set in August.
Chairman Tom Lee attributed the continued decline in crypto prices to impaired liquidity conditions that have persisted since October 10. He noted that the technical indicators for price movements still appear weak.
As the crypto landscape continues to evolve, with digital asset treasury companies such as BitMine taking center stage, investors will be keenly watching how market dynamics unfold in the coming days.
