- Bitmine’s BMNR surged 20% in 24 hours.
- Surging stock prices reflect investors’ preference for crypto treasury stocks.
- Strategy’s MSTR gained 5% despite recent issues with JPMorgan’s MSCI.
Bitmine (BMNR) stock surged nearly 20% in the early hours of Tuesday following the mining company’s latest disclosure of its digital asset holdings. On Monday, November 24, the crypto miner revealed that it now holds $11.8 billion in crypto, including “moonshots.”
Bitmine Holds 3% ETH Supply
Breaking it down, Bitmine disclosed holding 3,629,701 ETH, 192 BTC, and a $38 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”). The company also had $800 million in unencumbered cash, according to reports. The ETH volume held by Bitmine reflects 3% of the cryptocurrency’s total supply.
Tuesday’s price surge reflects a surge in demand for BMNR, suggesting a shift in sentiment for crypto treasury companies, which appear to be gaining traction and outperforming the broader crypto market. For instance, Bitmine stocks, despite declining 50% since the peak of the crypto market in October, remain 630% up from late June, when it began its Ether accumulation strategy.
Bitcoin Treasury Dominates Crypto Market
Compared to the crypto market, while BMNR surged 20% in the past 24 hours, Ethereum’s price rallied only about 8%, while Bitcoin, the largest cryptocurrency by market cap, gained less than 5% over the same period.
Related: BitMine Immersion (BMNR), the #1 ETH Holder, Files to Sell $24.5 Billion in Stock to Buy More Crypto
Notably, the surge in digital asset treasury stocks spreads across the board, with other assets in the same category experiencing gains over the past 24 hours. For instance, SharpLink Gaming saw its stock rise almost 6%, with share prices topping $10, while Strategy, despite the latest issue with JPMorgan’s MSCI, registered a 5% gain.
Growing Treasury Interest
In the meantime, renowned macro investor Ted Pillows believes the growing interest in Ethereum treasury companies could form the tailwind for a reversal in the cryptocurrency’s price trajectory. Pillows noted that the treasury firms are not showing signs of bottoming, a situation he considers to be potentially bullish for the broader cryptocurrency ecosystem.
Ethereum traded at $2,898 at the time of writing, reflecting a slight pullback from a $2,985 Monday high, according to data from TradingView.
Related: Ethereum Price Prediction: Traders Eye Key Support as BitMine Adds $417M in ETH
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