Investors in the cryptocurrency industry favored Digital Asset Treasury (DAT) on Monday, with the stocks of crypto treasuries outperforming the broader crypto market.
According to Google Finance data, BitMine Immersion Technologies led the major digital asset treasuries with a nearly 20% surge in stock price on Monday.
Its stock price soared from just below $27 to over $31 by the end of the trading day, maintaining these gains in after-hours trading, while the price of Ethereum (ETH) also climbed.
BitMine's stock (BMNR) has been declining since the crypto market peaked in early October, dropping 50% since then. However, despite these losses, the stock has still risen 630% since the company began its ETH accumulation strategy in late June.
The second-largest ETH treasury company, SharpLink Gaming (SBET), also saw its stock price rise on Monday, increasing nearly 6% to surpass $10. Meanwhile, Michael Saylor's Strategy (MSTR) rose 5%, reaching $179 by the end of the trading day.
"Ethereum treasury companies are showing no signs of bottoming out. A reversal in these stocks will trigger a significant reversal in ETH," commented macro investor Ted Pillows.
The recovery of treasury stocks has outpaced the broader crypto market, which saw a total market cap increase of only 2.1% in the past 24 hours.
Unlike retail traders who panic sell, digital asset treasuries continue to hold and accumulate during market corrections.
As a result, BitMine has just surpassed the milestone of accumulating 3% of the total ETH supply. The company is "two-thirds of the way to '5% alchemy'," commented Chairman Tom Lee on Monday.
According to StrategicEthReserve data, the company currently holds 3.63 million ETH, valued at approximately $10.6 billion. According to the company's announcement on Monday, it bought 69,822 ETH last week during the dip.
According to "BMNR Bullz," citing Nasdaq data, the company's institutional investment has also surged, reporting that BitMine's institutional ownership jumped from 6% to 31.7% in just 13 days.
The price of ETH rose about 3% in the past 24 hours, reaching an intraday high of $2,980 during Monday evening trading. The asset faced resistance there and has slightly retreated in the past few hours.
ETH was hit hard during the market crash in November, still down 41% from its all-time high of $4,946 in August.
"The continued decline in cryptocurrency prices over the past week reflects impaired liquidity since October 10 and still weak price technicals," Lee commented.
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Original: “BitMine, Strategy, SharpLink stocks outperform crypto market recovery”
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