Digital asset treasury stocks staged a sharp rally on Monday, far outpacing the broader crypto market’s modest rebound. Investors rotated into companies holding sizable on-chain reserves, a shift propelled by rising institutional ownership and renewed interest in Ether-linked plays.
BitMine Immersion Technologies emerged as the top performer, with shares jumping nearly 20% according to Google Finance. The stock climbed from just under $27 to above $31 by the closing bell, holding its gains in after-hours trading as Ether (ETH) reached $2,980 before encountering resistance.
Despite falling 50% since early October’s crypto peak, BitMine remains one of 2025’s standout performers—up 630% since it launched its Ether accumulation strategy in late June.
SharpLink and Strategy Join the Rally
Other major digital asset treasuries also advanced. SharpLink Gaming (SBET), the second-largest Ether-focused treasury, rose nearly 6%, lifting its share price above $10. Meanwhile, Michael Saylor’s Strategy (MSTR) gained 5%, closing at $179.
Market observers noted the momentum in Ether treasury stocks could foreshadow a broader recovery in ETH itself.
Key performance highlights:
- BitMine: +20% on Monday, still up 630% since June
- SharpLink Gaming: +6%, rising above $10
- Strategy (MSTR): +5% to $179
- Crypto market: +2.1% in total capitalization
As macro investor Ted Pillows remarked, “A reversal in treasury stocks will start a major reversal in ETH,” underscoring the sector’s growing influence.
BitMine Crosses 3% of All Ether Supply
The surge came as BitMine hit a historic milestone—accumulating 3% of the entire Ether supply. The company now holds 3.63 million ETH, valued around $10.6 billion, according to StrategicEthReserve data.
Even during November’s sharp downturn, BitMine continued to accumulate. The firm purchased 69,822 ETH last week alone, capitalizing on the market’s dip. Chairman Tom Lee described the milestone as being “two-thirds on the way to the ‘Alchemy of 5%.’”
Institutional interest has accelerated rapidly. Nasdaq figures show institutional ownership in BitMine soaring from 6% to 31.7% in just 13 days, according to the analyst known as “BMNR Bullz.”
Ether itself rose 3% in the past 24 hours but remains 41% below its August all-time high of $4,946. Analysts note liquidity remains impaired after the early-November selloff, keeping price momentum weak despite improving sentiment.
As digital asset treasuries continue to accumulate, their outsized influence on market dynamics is becoming increasingly difficult for investors to ignore.