Crypto investors favored digital asset treasuries (DATs) on Monday, with crypto treasury stocks outpacing the broader crypto market.
BitMine Immersion Technologies led the pack of major digital asset treasuries with a stock market rally of nearly 20% on Monday, according to Google Finance.
Its stock price rose from just under $27 to $31 by the end of the trading day, maintaining those gains after hours as Ether (ETH) prices climbed.
BitMine (BMNR) stock has been down since the crypto market peaked in early October, losing 50% since then. However, despite these losses, the stock is still up 630% since the company launched its Ether accumulation strategy in late June.
The second largest Ether DAT, SharpLink Gaming (SBET), also saw its shares rise on Monday, adding nearly 6% on the day as the stock price rose above $10. Meanwhile, Michael Saylor Strategy (MSTR) added 5% to $179 at the end of the trading day.
“Ethereum treasuries are showing no signs of bottoming out. A reversal in these stocks will trigger a major reversal in ETH,” commented macro investor Ted Pillows.
The rally in DAT shares has outpaced the broader crypto market, which saw gains of 2.1% in total capitalization over the past 24 hours.
BitMine now holds 3% of the Ether supply
Digital asset treasuries continued to hold and accumulate during the market correction, unlike retail traders who sold in panic.
As a result, BitMine has just crossed the milestone of accumulating 3% of the total Ether supply. It’s “two thirds on the way to the ‘Alchemy of the 5%'”, commented President Tom Lee on Monday.
Related: BitMine announces ETH staking plans for 2026 as market collapses
The company currently holds 3.63 million ETH worth approximately $10.6 billion, according to StrategicEthReserve. He bought the dip, grabbing 69,822 ETH last week, according to a company announcement on Monday.
Institutional investment in the company has also increased, according to “BMNR Bullz,” which cited Nasdaq figures showing that institutional ownership of BitMine increased from 6% to 31.7% in just 13 days.
Ether prices are slowly recovering
Ether prices gained around 3% over the past 24 hours, hitting an intraday high of $2,980 in late trading on Monday. The asset found resistance there and fell slightly in the last few hours.
ETH was hit hard during the November market rout and remains down 41% from its all-time high of $4,946 in August.
“The continued decline in cryptocurrency prices over the past week reflects impaired liquidity since October 10, as well as technical prices remaining weak,” commented Lee.
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