Digital asset treasury stocks experienced a notable rise on Monday, with BitMine leading the surge, outpacing overall gains in the crypto sector as institutional investment increased.

BitMine Immersion Technologies led the way with a stock increase approaching 20% according to Google Finance. Its share prices jumped from just under $27 to over $31 by the close of trading, maintaining these gains in after-hours trading alongside rising Ether prices.

The stock (BMNR) has notably declined by 50% since the peak of the crypto market in early October but remains up 630% since it initiated its Ether accumulation strategy in late June. SharpLink Gaming (SBET), the second-largest Ether treasury, also saw its stocks rise nearly 6% to surpass $10. Meanwhile, Strategy (MSTR), owned by Michael Saylor, increased by 5% to reach $179.

“Ethereum treasury companies are showing no signs of bottoming out; a rebound in these stocks could trigger a substantial reversal in ETH,” commented macro investor Ted Pillows.

The rise in digital asset treasury stock has outperformed the broader crypto market, which saw a modest capitalization increase of 2.1% in the past 24 hours.

BitMine Now Holds 3% of Ether Supply

Digital asset treasuries have continued to accumulate during market corrections, unlike retail investors who sold in panic. BitMine recently reached a significant milestone, now holding 3% of the total Ether supply, with plans to reach the ‘Alchemy of 5%,’ said Fundstrat’s Tom Lee.

The company currently possesses approximately 3.63 million ETH valued at around $10.6 billion. They added 69,822 ETH last week after buying the dip, according to recent announcements. Institutional ownership of BitMine has surged from 6% to 31.7% in just 13 days, says ‘BMNR Bullz’, citing Nasdaq data.

Ether Prices Recover Slowly

Over the last 24 hours, Ether prices have seen a recovery of about 3%, reaching an intraday peak of $2,980 during late trading on Monday before experiencing slight declines. ETH has faced a significant drop of 41% from its all-time high of $4,946 recorded in August.

“The persistent drop in crypto prices over the past week reflects ongoing liquidity issues since October 10th, coupled with weak price technicals,” remarked Lee.