Digital Asset Treasury Stocks Show Strong Gains
Digital asset treasury stocks surged on Tuesday as cryptocurrency markets recovered from early December selling pressure. Ether treasury companies led the gains, with several posting double-digit percentage increases as Ethereum rebounded from recent lows.
Nasdaq-listed EthereumZilla (ETHZ) gained 12.35% on the day to $10.64 in after-hours trading. The world's largest Ether treasury, BitMine, saw its stock climb 10.26% with BMNR reaching $32.40 in after-hours trading. BitMine shares have risen more than 650% since the company announced its Ethereum strategy in late June.
The top-performing crypto stock of the day was mining and crypto investment firm Thumzup Media Corp (TZUP), which gained 13.25% on the Nasdaq on Tuesday. Several listed altcoin treasury companies also outperformed their Bitcoin counterparts as the crypto market stabilized.
GD Culture Group (GDC), a virtual content production business and TRUMP meme coin treasury, saw its stock gain 11.4%. $SOL treasury HSDT notched a 9.36% gain on the day, while Sui Group Holdings (SUIG) made 7.7%.
The world's largest crypto treasury, Michael Saylor's Strategy (MSTR), saw a modest 5.78% gain on the day with share prices hitting an intraday high of $188 during the Tuesday trading session. Strategy stock is down 37.4% since the beginning of the year, with most losses occurring since the mid-October crypto market reversal.
BitMine's Ethereum Accumulation
BitMine has reportedly been buying Ethereum during the dip this week, scooping up an additional 7,080 Ethereum worth $19.8 million on Monday and 18,345 Ethereum worth around $55 million on Tuesday. However, these purchases have not been officially confirmed by the company.
Market Rebound and Ether Price Recovery
Ether prices rebounded to reach a five-day high of $3,060 in early trading on Wednesday morning. The recovery in crypto treasury stocks followed a significant leverage flush at the start of December that wiped billions from digital asset markets.