Strategy Climbs 3%, BitMine Surges 7%, SharpLink Rises 5% as Crypto Stocks Bounce Back Toward $65K Bitcoin

Crypto-linked equities are rebounding to start the week as Bitcoin pushes back toward the $65,000 mark. Strategy (NASDAQ:MSTR) shares rose about 3% to $94.43 in early Monday trading, BitMine Immersion Technologies (NYSE:BMNR) jumped 7% to $17, and SharpLink Gaming (NASDAQ:SBET) gained 5% to $6.07. Broader risk sentiment improved as well, with the NASDAQ 100 up roughly 1% alongside the crypto bounce.

Market Snapshot

• Bitcoin advanced toward $65,000, recently trading near $64,986 after a late-July dip to approximately $63,688.
• Ethereum is leading the move higher, outpacing Bitcoin over the past month and lending momentum to ETH-focused treasury proxies.
• Despite today’s uptick, the one-year trend remains negative: Strategy is down 78%, BitMine down 62%, and SharpLink down 75% over the past 12 months.

Macro Shift Sparks Relief Rally

Reports of a pause in planned U.S. strikes on Iran helped flip last week’s risk-off tone into a relief rally to begin the week. The shift pushed traders back into equities and crypto simultaneously, with Bitcoin up about 1% over the past 24 hours and the NASDAQ 100 leading large-cap tech higher.

Ethereum Leadership Boosts Treasury Proxies

The outperformance of Ethereum is a key driver behind the stronger moves in certain crypto-treasury names. Over the past month, ETH has gained approximately 24% versus Bitcoin’s 9% advance. That relative strength is showing up in stocks with ETH exposure, helping explain why BitMine and SharpLink are outrunning Strategy in the current session.

Ownership and Fund Catalysts at SharpLink

SharpLink’s institutional ownership has climbed sharply in recent months—from around 6% to roughly 46%. In addition, a memorandum of understanding tied to a $125 million on-chain yield fund with Galaxy Digital has added to investor interest. Together, these factors help contextualize today’s outsized bounce in SBET shares.

Strategy’s Fifth Straight Week Without Bitcoin Purchases

A recent 8-K filing indicates Strategy has not added to its Bitcoin holdings for a fifth consecutive week, marking its longest buying pause in nearly two years. The company’s Bitcoin balance remains at 843,775 BTC at an average cost of $75,476.

On the capital markets front, Strategy raised approximately $544.5 million via at-the-market sales of 5.43 million shares and repurchased $25 million of its STRC preferred. Cash reserves stood at about $3.75 billion as of July 26.

Management has framed the firm’s treasury approach within a broader backdrop of expanding institutional participation in Bitcoin, citing activity from major financial institutions as part of the long-term thesis.

Context: A Bounce Within a Broader Drawdown

While Monday’s advances provide welcome relief, they fit within a larger corrective phase for crypto-exposed equities. The sharp one-year declines in Strategy, BitMine, and SharpLink underscore continued sensitivity to crypto price action, liquidity conditions, and macro headlines.

Looking Ahead

• Crypto price leadership remains pivotal. Continued ETH strength relative to BTC could keep supporting ETH-centric proxies.
• Any updates on Strategy’s capital deployment—either resuming Bitcoin purchases or further balance sheet moves—will be closely watched.
• Macro developments, including geopolitical headlines and risk sentiment in tech, are likely to remain key near-term drivers for both digital assets and related equities.

As the session unfolds, investors will focus on whether Bitcoin can decisively reclaim the $65,000 level and if Ethereum’s leadership persists—signals that could extend the relief across crypto-tied stocks.