Bitmine Climbs 4% as Ethereum Rallies Despite CLARITY Act Failure; Sharplink Gains 3%

The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.3% Friday morning, but Ethereum treasury stocks are catching a bid. Bitmine Immersion Technologies (NYSE:BMNR | BMNR Price Prediction) is leading that pocket after Ethereum (CRYPTO:ETH) extended a one-day rebound, a…

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The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.3% Friday morning, but Ethereum treasury stocks are catching a bid. Bitmine Immersion Technologies (NYSE:BMNR | BMNR Price Prediction) is leading that pocket after Ethereum (CRYPTO:ETH) extended a one-day rebound, a divergence that pins the move to the coin rather than to any macro tailwind.

Bitmine stock is up 4% to $24.75, a leveraged read on Ethereum rather than a company event. The treasury holdings move with the underlying asset.

Sharplink (NASDAQ:SBET) is riding the same wave. Shares are up 3% to $8.48, tracking Ethereum with the same treasury-beta pattern that governs Bitmine.

Ethereum Rally Overrides the CLARITY Setback

Ethereum is at $2,500.59, up 2% over the past 24 hours, and that move is the entire story for Bitmine this morning. The coin is holding gains even though the CLARITY Act failed a cloture vote in the U.S. Senate this week, denying the crypto industry the federal market-structure framework it has been pushing for. That’s a genuine setback for the sector’s regulatory agenda, yet Ethereum’s price action is decoupling from the legislative disappointment.