Bitmine, Strategy, Sharplink Stocks Outpace Crypto Market Recovery

Digital asset treasury stocks surged on Monday, led by BitMine, even outpacing the broader crypto market’s gains as institutional ownership increased.

Crypto-sector investors favored digital asset treasuries (DATs) on Monday, with crypto treasury stocks outpacing the broader crypto market.

BitMine Immersion Technologies was leading the pack of major digital asset treasuries with a Monday stock surge of almost 20%, according to Google Finance.

Its share prices surged from just below $27 to top $31 by the end of the trading day, maintaining those gains in after-hours trading as Ether (ETH) prices climbed.

BitMine stock (BMNR) has been in decline since the crypto market peak in early October, shedding 50% since then. However, despite those losses, the stock is still up 630% since the company started its Ether accumulation strategy in late June.

The second-largest Ether DAT, SharpLink Gaming (SBET), also saw stocks rise on Monday, adding almost 6% on the day as share prices topped $10. Meanwhile, Michael Saylor’s Strategy (MSTR) added 5% to reach $179 by the end of the trading day.

“Ethereum treasury companies are showing no signs of a bottom. A reversal in these stocks will start a major reversal in ETH,” commented macro investor Ted Pillows.

The recovery in DAT stocks has outpaced the broader crypto market, which has seen gains of 2.1% in total capitalization over the past 24 hours.

Digital asset treasuries have continued to hold and accumulate during the market correction, unlike retail traders who sold in panic.

As a result, BitMine has just passed a milestone of accumulating 3% of the total Ether supply. It is “two-thirds on the way to the ‘Alchemy of 5%’,” commented chairman Tom Lee on Monday.

Source: CoinTelegraph