Investors within the crypto sector favored digital asset treasuries (DATs) on Monday, with crypto treasury stocks outperforming the broader crypto market.
BitMine Immersion Technologies led the main digital asset treasuries with shares rising nearly 20% on Monday, based on Google Finance.
The stock price rose from slightly below $27 to over $31 by the top of the trading day, maintaining those gains in after-hours trading as Ether (ETH) prices rose.
BitMine stock (BMNR) has been declining because the crypto market peaked in early October and has lost 50% since then. However, despite these losses, the stock continues to be up 630% because the company began its Ether accumulation strategy in late June.
The second-largest Ether DAT, SharpLink Gaming (SBET), also saw its shares rise on Monday, gaining nearly 6% on the day as share prices topped the $10 mark. Meanwhile, Michael Saylor's strategy (MSTR) gained 5% to achieve $179 at the top of the trading day.
“Ethereum Treasury corporations show no signs of bottoming out. A reversal in these stocks will trigger a serious reversal in ETH,” commented macro investor Ted Pillows.
DAT stock's recovery has outperformed the broader crypto market, which saw a 2.1% increase in total capitalization within the last 24 hours.
BitMine shares are showing a solid recovery this week. Source: Google Finance
BitMine now holds 3% of the Ether supply
Unlike retail traders who sold in panic, Treasuries continued to carry and accumulate digital assets throughout the market correction.
As a result, BitMine has just reached a milestone of accumulating 3% of the whole Ether supply. There are “two thirds on the solution to the 'alchemy of 5%',” commented chairman Tom Lee on Monday.
According to StrategicEthReserve, the corporate currently holds 3.63 million ETH, price around $10.6 billion. It bought the dip and rose by 69,822 ETH last week, based on an organization statement on Monday.
Institutional investment in the corporate has also risen sharply, based on “BMNR Bullz,” which cited Nasdaq figures that showed institutional ownership of BitMine rising from 6% to 31.7% in only 13 days.
Ether prices are slowly recovering
Ether prices have risen around 3% prior to now 24 hours, reaching an intraday high of $2,980 in late trading on Monday. The asset encountered resistance there and has declined barely in the previous couple of hours.
ETH was hit hard by the market rout in November and stays 41% below its all-time high of $4,946 in August.
“The sustained decline in crypto prices over the past week reflects impaired liquidity since October 10 in addition to pricing technicals that remain weak,” Lee commented.
