Bitmine Rises 4% as ETH Holdings Near 5% of Supply, Circle Internet Group Surges 8%, Coinbase Climbs 5%

Crypto stocks are surging midday even as Bitcoin and Ethereum trade lower, and one company's relentless weekly buying spree is now within striking distance of a milestone no crypto treasury has ever reached.

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Crypto-linked equities are climbing midday Monday even as Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) trade lower over the past 24 hours. The bid is led by a fresh treasury update from Bitmine Immersion Technologies (NYSE:BMNR | BMNR Price Prediction), with strength across the stablecoin and exchange complex adding support.

Bitmine Immersion Technologies stock is up 4% to $24.75, Circle Internet Group (NYSE:CRCL) stock is up 8% to $93.83, and Coinbase Global (NASDAQ:COIN) stock is up 5% to $187.03. Over the past month through Friday’s close, Bitmine Immersion Technologies stock was up 43%, Circle Internet Group stock was up 42%, and Coinbase stock was up 12%.

Notably, Bitcoin is down 0.5% to $78,652.35 and Ethereum is down 1.7% to $2,463.58 over the past 24 hours. Today’s equity bid runs independent of the two largest tokens, which is unusual for a session where crypto names typically move in lockstep with the underlying assets.