Crypto-linked equities pushed sharply higher on Monday even as Bitcoin and Ethereum traded lower, with treasury buying activity driving the session’s most notable headline.
Bitmine Immersion Technologies (NYSE: BMNR) rose 4% to $24.75, Circle Internet Group (NYSE: CRCL) jumped 8% to $93.83, and Coinbase Global (NASDAQ: COIN) advanced 5% to $187.03 during Monday’s midday session.
Over the past month through Friday’s close, Bitmine stock gained 43%, Circle Internet Group climbed 42%, and Coinbase added 12%, reflecting sustained investor appetite for crypto-adjacent equities.
Bitcoin fell 0.5% to $78,652.35 and Ethereum dropped 1.7% to $2,463.58 over the prior 24 hours, making the broad equity bid across crypto names an unusual divergence from standard market behavior.
Bitmine announced Monday that its total holdings of crypto, cash, marketable securities, and early-stage investments reached $15.6 billion, anchored by 5,901,112 Ethereum tokens and 211 Bitcoin.
The company’s Ethereum stack, marked at $2,511 per token, represents 4.9% of the total circulating supply of 120.7 million tokens, placing it 98% of the way toward its stated target known as the “Alchemy of 5%.”
Chairman Thomas “Tom” Lee said, “Over the past week, we acquired 53,501 ETH. Bitmine has bought ETH for each of the past 65 weeks (every week since the inception of the ETH Treasury Strategy on June 30, 2025).”
Additional holdings include an $180 million stake in Beast Industries, an $81 million stake in Eightco Holdings, and $541 million of cash and marketable securities rounding out the balance sheet.
Circle Internet Group carries the least direct coin exposure of the three, generating revenue primarily from reserve income on assets backing the USDC stablecoin rather than from token price movements.
Coinbase earns transaction and subscription revenue tied to platform activity levels, meaning its results track trading volume rather than the price of any individual cryptocurrency.
Bitmine operates as the purest balance-sheet expression of the Ethereum trade, with its stock tracking treasury value rather than the performance of an underlying operating business.
The iShares Bitcoin Trust ETF (NASDAQ: IBIT) rose 1% to $44.51 on Monday, while the CoinShares Bitcoin Mining and Digital Power ETF (NASDAQ: WGMI) fell 0.9% to $42.31.
Bitmine is the largest Ethereum treasury in the world and the second-largest crypto treasury by aggregate size, trailing only Strategy (NASDAQ: MSTR), which holds 840,447 Bitcoin valued at approximately $66 billion.
Management reports that 86% of Bitmine’s Ethereum stack is currently staked, with annualized staking revenue projections based on current holdings and assumed yield rates.
Two near-term catalysts sit on the horizon: Circle Internet Group’s Arc public mainnet launch is planned for September 16, and Bitmine expects to launch its MAVAN staking network in the first calendar quarter of 2026.
The central risk for Bitmine shareholders remains the direct correlation between Ethereum’s price and treasury value, since any sustained drawdown in ETH compresses the company’s net asset base in near-lockstep fashion.
Whether Bitcoin and Ethereum reclaim ground into midweek will determine whether today’s equity decoupling holds or reverses, as all three tickers historically move faster than the underlying assets they track.
