Crypto Stocks Rise Amid Bitcoin Recovery
Several crypto-related stocks experienced gains on Monday amid a broader relief rally in the market following reports of a pause in U.S.-Iran strikes. Strategy (MSTR) rose by 3%, BitMine Immersion Technologies (BMNR) surged 7%, and SharpLink Gaming (SBET) climbed 5%. These moves coincided with Bitcoin rising toward $65,000 after hitting a low near $63,688 earlier in the week. Ethereum outperformed Bitcoin over the past month, contributing to stronger gains for ETH-linked stocks like BitMine and SharpLink. Despite today's bounce, all three stocks remain significantly down year-to-date—Strategy is off 78%, BitMine by 62%, and SharpLink by 75%. Strategy has paused its Bitcoin purchases for five consecutive weeks, the longest such pause in nearly two years. The company holds $3.75 billion in cash after raising funds through share sales and repurchasing preferred stock. SharpLink's recent institutional ownership surge from 6% to 46%, along with a non-binding agreement with Galaxy Digital for an on-chain yield fund, may explain its strong performance.
Tickers: $BMNR $GLXY $MSTR $SBET
Topics: Bitcoin BMNR cryptocurrency MSTR SBET stock market