Companies with Ethereum reserves suddenly in demand: shares skyrocket

After a moderate start to December, the first cracks in negative sentiment on the stock market appear to be mending. Within the crypto-related stocks, companies with large Ethereum (ETH) stocks stood out. Still, the question remains whether this recovery is broad enough to truly leave the dip from earlier this month behind.

Ethereum treasuries are skyrocketing

Yesterday, several Ether treasuries rose remarkably fast. The Nasdaq-listed EthZilla posted a gain of more than 12 percent and closed at $10.80 in after-hours trading. BitMine, the largest Ether treasury in the world, also recorded an increase of more than 10 percent.

BitMine’s share price is now more than 600 percent higher than when the company presented its Ether strategy at the end of June. That fuels speculation that investors have become more optimistic about companies that are actively tapping into the larger cryptocurrencies. Whether this is sustainable will become clearer in the coming days.

Other crypto stocks also did good business. Thumzup Media Corp was the strongest riser of the day with a plus of more than 13 percent. Companies that focus on Solana (SOL) and Sui (SUI) also saw their shares rise several percent. GD Culture Group, which holds a supply of TRUMP tokens, recorded an increase of more than 11 percent.

Bitcoin (BTC) focused stocks lagged somewhat. Strategy of Michael Saylor, the largest listed Bitcoin holder, remained at a plus of almost 6 percent. The company is still more than 30 percent lower than at the beginning of the year. The decline since the turning point on the crypto market in October is still weighing heavily on sentiment around Bitcoin treasuries.

Bitcoin is joining the recovery

Bitmine is one of the few companies that continues its purchasing strategy in top gear despite falling prices. In recent days, the company purchased more than 23,700 ETH (a current value of $72.5 million) and last week it purchased an additional 96,800 ETH (a current value of $295 million).

Meanwhile, the Ether price stands at $3,050 at the time of writing, an increase of 9 percent. Bitcoin has also risen by more than 7 percent and is trading at $92,800. This means that the market seems to have shaken off some of the shock from earlier this month.