Bitmine's ETH Hoard Powers Crypto Equity Surge

Crypto-linked equities are bucking the trend of lower Bitcoin and Ethereum prices, with Bitmine Immersion Technologies stock up 4% to $24.75, Circle Internet Group rising 8% to $93.83, and Coinbase Global climbing 5% to $187.03.

The unusual decoupling from the underlying assets is attributed to a fresh treasury update from Bitmine Immersion Technologies, which holds 5,901,112 Ethereum tokens representing 4.9% of the total supply of 120.7 million tokens, putting it 98% of the way to its goal of owning 5% of all Ethereum.

Chairman Thomas 'Tom' Lee stated, 'Over the past week, we acquired 53,501 ETH. Bitmine has bought ETH for each of the past 65 weeks (every week since the inception of the ETH Treasury Strategy on June 30).