Digital Asset Treasuries (DATs) are leading the recovery of the cryptocurrency stock market, which began to rebound after a significant leverage washout earlier in the month.
Ethereum-related digital asset treasuries saw a strong rebound on Tuesday, with Google Finance data showing that Nasdaq-listed EthZilla (ETHZ) surged 12.35% on the day, reaching an after-hours trading price of $10.80.
The world's largest ETH treasury company, BitMine—reportedly accumulating on dips this week—also achieved double-digit growth on Tuesday, with BMNR rising 10.26%.
BitMine's stock price reached $32.40 in after-hours trading, having increased over 650% since announcing its ETH strategy at the end of June.
Meanwhile, the best-performing cryptocurrency stock of the day was mining and cryptocurrency investment company Thumzup Media Corp (TZUP), which rose 13.25% on Nasdaq.
As the crypto market warms up, several listed altcoin treasury companies have outperformed BTC-related companies.
Virtual content production firm and TRUMP meme coin treasury company GD Culture Group (GDC) saw its stock price rise 11.4%, while Solana (SOL) treasury company (HSDT) increased by 9.36%, and Sui Group Holdings (SUIG) rose 7.7%.
The world's largest cryptocurrency treasury company, Strategy (MSTR) under Michael Saylor, saw a modest increase of 5.78% on the day, with its stock price hitting an intraday high of $188 during Tuesday's trading session.
Strategy's stock has fallen 37.4% since the beginning of the year, with most of the losses coming since the crypto market turned in mid-October.
Reports indicate that BitMine has been continuously increasing its ETH holdings during the market pullback this week. According to data from Lookonchain and Arkham Intelligence, it purchased 7,080 ETH on Monday, worth about $19.8 million, and another 18,345 ETH on Tuesday, valued at approximately $55 million.
However, these purchases have not yet been officially confirmed by the company.
ETH prices rebounded, reaching a new five-day high of $3,060 during early Wednesday trading.
Related: CME launches Bitcoin (BTC) Volatility Index as institutional cryptocurrency trading matures
Original article: “Cryptocurrency Treasury Companies Lead Stock Recovery After Shaky Start to December”
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