Ethereum Price Action Drives Bitmine and Sharplink Gains

Bitmine (BMNR) shares surged 4% to $24.75 on Friday, while Sharplink (SBET) rose 3% to $8.48, both tracking Ethereum's price action. Despite the CLARITY Act's failure in the US Senate this week and the Federal Reserve's first interest rate hike in three years, Ethereum rallied 2% to $2,500.

The fact that Ethereum held gains despite these two bearish shocks suggests appetite for the coin is strong. Bitmine carries Ethereum on its balance sheet as a corporate treasury asset, so its shares move with the coin rather than an operating business.

Tom Lee's bullish call on U.S. stocks while chairing the largest Ethereum treasury creates a conflict buyers should consider. Bitmine remains down 9% year to date, but its treasury structure amplifies Ethereum in both directions.