Bitmine Sinks 6%, Strategy Slips: Is the Crypto Treasury Trade Unwinding?

Bitmine just surrendered a big slice of its 37% monthly run while Strategy barely flinched, even though both coins fell together. What separates the two crypto treasury stocks matters more today than the coins themselves.

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The crypto treasury trade is showing cracks today, and the split between the two flagship equities is wider than the moves in the coins they hold. The Invesco QQQ Trust (NASDAQ:QQQ) is unchanged at $717.67, while the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.46% to $769.62.

The wider tape is essentially flat to moderately down, and this doesn’t explain the price moves of certain cryptocurrency-linked stocks. It’s worth noting, though, that the iShares Bitcoin Trust ETF (NASDAQ:IBIT) is down 2% to $25.41.

Bitmine Immersion Technologies (NYSE:BMNR | BMNR Price Prediction) stock is down 6% to $24.82, handing back a chunk of a very strong recent run. Meanwhile, Strategy (NASDAQ:MSTR) stock is down 1% to $142.79, a milder slip that sits closer to the broader tape than to its peer. Both coins on those balance sheets are lower today, which makes the gap between the two equities the interesting part of the story.