Crypto Equities Outrun Coins as CleanSpark and BitMine Rally

Crypto-linked equities are outperforming their underlying coins on Tuesday morning trade. The CoinShares Bitcoin Mining and Digital Power ETF (NASDAQ:WGMI) has risen by 4% to $46.55, while the iShares Bitcoin Trust ETF (NASDAQ:IBIT) is up 0.6% to $44.92.

Miners and treasury names are repricing faster than their underlying coins due to embedded leverage in revenue lines, hashrate economics, and net-asset values. CleanSpark (NASDAQ:CLSK | CLSK Price Prediction) stock is up 7% to $12.72, while BitMine Immersion Technologies (NYSE:BMNR) shares have climbed 4% to $25.21.

CleanSpark's most recent earnings report showed revenue of $138.01 million, missing the consensus estimate of $141.81 million due in part to a GAAP loss of $0.89 per share driven by a $116.25 million loss on the fair value of Bitcoin. However, CEO Matt Schultz highlighted the company's pivot toward diversified digital infrastructure and a 20-year, $6.6 billion triple-net lease at its Sandersville site with an investment-grade tenant.

BitMine Immersion Technologies' stock is climbing despite Ethereum trading lower on the day. The company has reached its target of holding 5% of all ether tokens, with Chairman Tom Lee stating that it could hit this target before year-end.