Digital asset treasuries (DATs) are driving a crypto stock recovery as markets bounce back after a significant leverage flush earlier this month.
Ether DATs made a strong comeback on Tuesday, with Nasdaq-listed EthZilla (ETHZ) rising 12.35% to $10.80 in after-hours trading, according to Google Finance.
The largest Ether (ETH) treasury, BitMine, known for purchasing the dip this week, also reported double-digit stock gains on Tuesday, with BMNR increasing by 10.26%.
BitMine shares hit $32.40 in after-hours trading, marking an increase of over 650% since announcing its Ether strategy in late June.
In contrast, the top crypto stock performer of the day was Thumzup Media Corp (TZUP), a mining and crypto investment firm, which gained 13.25% on the Nasdaq on Tuesday.
Bitcoin DAT stocks slow to bounce back
Several altcoin treasury companies have outperformed their Bitcoin (BTC) counterparts as the crypto market stabilizes.
GD Culture Group (GDC), a virtual content production and TRUMP memecoin treasury company, recorded an 11.4% stock increase, while Solana (SOL) treasury (HSDT) saw a 9.36% rise, and Sui Group Holdings (SUIG) gained 7.7%.
Related: Bitcoin surges to $93K after Sunday flush, as analysts eye $100K
The largest crypto treasury, Michael Saylor’s Strategy (MSTR), achieved a modest gain of 5.78%, with share prices reaching an intraday high of $188 during Tuesday’s trading.
Strategy stock has decreased by 37.4% since the start of the year, with most losses occurring since the mid-October crypto market downturn.
BitMine continues to buy the dip
BitMine has reportedly been acquiring Ether during the dip this week, purchasing an additional 7,080 ETH valued at $19.8 million on Monday and 18,345 ETH estimated at around $55 million on Tuesday, according to Lookonchain and Arkham Intelligence.
However, these acquisitions have not been officially verified by the company.
Ether prices rallied, reaching a five-day high of $3,060 in early Wednesday trading.
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