On Monday, the stock prices of digital asset management companies performed strongly, with BitMine Immersion Technologies leading the major Crypto Assets holding companies. The stock surged nearly 20% during the trading session.
BitMine's stock price climbed from just below $27 to over $31 at the close. With the price of Ethereum continuing to rise, the gains in after-hours trading remain stable. Since the cryptocurrency market peaked in early October, the stock has fallen by 50%. However, since the launch of the Ethereum accumulation strategy in late June, BitMine's stock price has still increased by 630%.
Other digital asset management company stocks also saw a rise on Monday. SharpLink Gaming's stock price rose nearly 6%, breaking through $10. Michael Saylor's MicroStrategy stock price increased by 5%, closing at $179. Meanwhile, the overall rise in the cryptocurrency market was relatively mild. Over the past 24 hours, the total market capitalization of cryptocurrencies increased by 2.1%. The performance of digital asset treasury stocks outperformed the overall market rise.
Macro investor Ted Pillows commented that the Ethereum treasury company has not shown signs of a bottoming out rebound. He believes that a reversal of these stocks could trigger a significant reversal in Ethereum's price.
During the recent market adjustment, BitMine has continued to increase its holdings in Ethereum. The company currently holds 3% of the total supply of Ethereum. Chairman Tom Lee pointed out that the company has completed two-thirds of its “5% alchemy” target. BitMine currently holds 3.63 million Ethereum, valued at approximately 1.06 billion USD.
The company purchased 69,822 Ethereum during the market decline last week. Institutional investors' investment in BitMine is growing rapidly, with Nasdaq data showing that the institutional ownership ratio jumped from 6% to 31.7% in just 13 days. (Coin Central)
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