Digital Asset Treasury Stocks Lead Market as Crypto Market Climbs

Crypto-focused investors shifted their attention toward digital asset treasuries (DATs) on Monday, as several treasury-based stocks moved higher and outperformed the wider crypto market. BitMine Immersion Technologies posted the strongest move among major DATs, closing the day with close to a 20% rise.

BitMine’s stock climbed from just under $27 to above $31 by the closing bell, holding those gains in after-hours trading alongside an uptick in Ether. 

The company’s stock has fallen about 50% since the market peak in early October. But, it remains sharply higher than it was in late June, when BitMine first began building its Ether position. Since that point, the stock is up roughly 630%.

SharpLink Gaming, the second-largest Ether DAT, also moved higher on Monday. Its shares rose nearly 6% and crossed the $10 mark before the market closed. Michael Saylor’s Strategy (MSTR) followed the same direction, finishing the session at $179 after a 5% climb.

Macro investor Ted Pillows commented that companies centered on Ether reserves “are showing no signs of a bottom,” adding that any broad shift in these stocks could influence Ether itself.

DAT Stocks Rally 

While the wider crypto market gained around 2.1% over the past 24 hours, DAT stocks expanded more quickly. One reason is that treasury-focused firms continued to hold and add to their positions during the recent downturn, in contrast with smaller traders who exited during periods of heavy selling.

BitMine crossed a new mark this week by reaching control of 3% of the total Ether supply. Chairman Tom Lee said Monday that the company is “two-thirds on the way to the ‘Alchemy of 5%.’” 

According to StrategicEthReserve, BitMine now holds 3.63 million ETH, valued at roughly $10.6 billion. The company added nearly 70,000 ETH last week during lower-priced conditions, according to its Monday update.

ETH Shows a Mild Rebound

A rise in institutional ownership has also drawn attention. “BMNR Bullz” cited Nasdaq data showing that institutional holdings climbed from 6% to 31.7% in just under two weeks.

Ether picked up around 2% in the past 24 hours and reached $2,900 at the time of writing. The asset remains down over 40% from its August record of $4,946 after heavy losses in November.

Lee added that last week’s continued weakness in crypto markets reflects lower liquidity since October 10 and ongoing pressure in chart trends.