BitMine and Bitcoin Miners' Stocks Surge as BTC, Ethereum Recover
Crypto-related equities surged as Bitcoin rose above $92,000 and Ethereum topped $3,000. BitMine Immersion Technologies, which holds over $11 billion in Ethereum, gained 4.47% on Friday and more than 27% over five days, trading at $33.16. Leading Bitcoin miners CleanSpark and Riot Platforms climbed 12.27% and 7.8% Friday, with CleanSpark up 54% over five days despite a 21% monthly decline after a major share buyback initiative. Other miners, including Bitfarms and Cipher Mining, rose over 5% Friday. Bitfarms is shifting toward AI compute, aiming to exit Bitcoin mining after significant losses. Cipher Mining, up over 500% in six months, recently announced a major agreement with Amazon Web Services for AI workloads. MARA Holdings and HIVE Digital Technologies also posted gains. Some digital asset treasuries rebounded, though longer-term losses persist for several. Crypto gains coincided with increased expectations of a December Federal Reserve rate cut, seen as a potential market catalyst. Over the last week, Bitcoin and Ethereum have gained 7% and 9.4%, respectively.
