Cryptocurrency investors favored digital treasury bonds (DAT) on Monday, with cryptocurrency stocks outperforming the broader cryptocurrency market.
According to Google Finance, BitMine Immersion Technologies led the pack of top digital asset vaults, seeing its stock jump nearly 20% on Monday.
The company’s stock prices rose from just under $27 to a high of $31 by the end of the trading day, maintaining those gains in after-hours trading as Ether (ETH) prices surged.
Shares of BitMine (BMNR) have been falling since the cryptocurrency market peaked in early October, losing 50% since then. However, despite these losses, the company’s shares are still up 630% since the company launched its Ether accumulation strategy in tardy June.
The second-largest Ether DAT, SharpLink Gaming (SBET), also saw its shares rise on Monday, rising nearly 6% on the day as shares traded above $10. Meanwhile, Michael Saylor Strategy (MSTR) rose 5% to reach $179 at the end of the trading day.
“Ethereum treasuries show no signs of bottoming. A turnaround in these stocks will spark a major turnaround in ETH.” commented macro investor Ted Pillows.
The recovery in DAT shares has outpaced the broader cryptocurrency market, which has seen its total capitalization augment by 2.1% over the past 24 hours.
BitMine currently holds 3% of the Ether supply
Unlike retail investors who sold in panic, digital treasury assets continued to hold and accumulate during the market correction.
As a result, BitMine has just passed the milestone of accumulating 3% of the total Ether supply. This is “two-thirds of the way to ‘Alchemia 5%'” commented Chairman Tom Lee on Monday.
Related: BitMine announces ETH staking plans for 2026 amid market collapse
According to StrategicEthReserve, the company currently holds 3.63 million ETH worth approximately $10.6 billion. According to the company, he bought the dip, netting 69,822 ETH last week announcement on Monday.
According to “BMNR Bullz”, which cited Nasdaq data, institutional investment in the company also increased reporting that institutional ownership of BitMine skyrocketed from 6% to 31.7% in just 13 days.
Ether prices are slowly returning to normal
Ether prices are up about 3% in the last 24 hours, hitting an intraday high of $2,980 during Monday’s trading. The asset has encountered resistance there and has retreated slightly over the past few hours.
ETH was hit tough by November’s market collapse and remains down 41% from its all-time high of $4,946 in August.
“The sustained decline in cryptocurrency prices over the past week reflects reduced liquidity since October 10, as well as technical price drivers that remain weak,” Lee commented.
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