Latest news with #BitMine
Yahoo
6 hours ago
- Business
- Yahoo
Crypto-linked stocks advance after Trump signs stablecoin law
(Reuters) -Shares of crypto-linked companies jumped on Monday, as ether prices advanced after President Donald Trump signed into law a bill regulating stablecoins in the U.S. Trump signed the GENIUS Act late on Friday, marking a huge win for crypto supporters, who have for long lobbied for a regulatory framework to gain greater legitimacy for the industry. The bill was passed in the House of Representatives by a vote of 308 to 122, with support from nearly half the Democratic members and most Republicans. It had earlier been approved by the Senate. Bitcoin, the world's biggest crypotcurrency, climbed about 1% on Monday, though it remains more than 3% away from its all-time high of $123,153 hit last week. The bill bans yields or interest payments on regulated stablecoins, which Deutsche Bank said is leading to a rise in Ethereum prices, on expectations that investors are moving into the world's second biggest cryptocurrency as an alternative for yield generation in decentralized finance. Ether was last trading at $3,783.2, hovering near its highest level since December 2024. U.S.-listed shares of companies, which have been adding cryptocurrencies to their coffers lately, were on the rise on Monday. Shares of BitMine, where tech billionaire Peter Thiel is the top investor and whose chairman is Fundstrat's Tom Lee, advanced 5.3%. Other ether holding firms Bit Digital, BTCS and SharpLink Gaming climbed between 3.1% and 12.6%, respectively. Stablecoin issuer Circle Internet rose 1.9%, while crypto exchange Coinbase Global gained 2%. GameSquare Holdings jumped 4.6% after the Delaware-based company announced it was selling some of its shares to fund cryocurrency-related investments. Companies such as GameStop have been rushing to add crypto to their balance sheets, following the footsteps of Strategy. Shares of the largest corporate holder of bitcoin have skyrocketed nearly 3,000% since 2020 and climbed 2.2% on Monday. Other cryptocurrencies also advanced, with Solana hitting its highest level since February. The ProShares Ultra Solana ETF also jumped 16.2%. The broader crypto sector's market value hit $4 trillion on Friday, according to CoinGecko data. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
6 hours ago
- Business
- Reuters
Crypto-linked stocks advance after Trump signs stablecoin law
July 21 (Reuters) - Shares of crypto-linked companies jumped on Monday, as ether prices advanced after President Donald Trump signed into law a bill regulating stablecoins in the U.S. Trump signed the GENIUS Act late on Friday, marking a huge win for crypto supporters, who have for long lobbied for a regulatory framework to gain greater legitimacy for the industry. The bill was passed in the House of Representatives by a vote of 308 to 122, with support from nearly half the Democratic members and most Republicans. It had earlier been approved by the Senate. Bitcoin , the world's biggest crypotcurrency, climbed about 1% on Monday, though it remains more than 3% away from its all-time high of $123,153 hit last week. The bill bans yields or interest payments on regulated stablecoins, which Deutsche Bank said is leading to a rise in Ethereum prices, on expectations that investors are moving into the world's second biggest cryptocurrency as an alternative for yield generation in decentralized finance. Ether was last trading at $3,783.2, hovering near its highest level since December 2024. U.S.-listed shares of companies, which have been adding cryptocurrencies to their coffers lately, were on the rise on Monday. Shares of BitMine (BMNR.A), opens new tab, where tech billionaire Peter Thiel is the top investor and whose chairman is Fundstrat's Tom Lee, advanced 5.3%. Other ether holding firms Bit Digital (BTBT.O), opens new tab, BTCS (BTCS.O), opens new tab and SharpLink Gaming (SBET.O), opens new tab climbed between 3.1% and 12.6%, respectively. Stablecoin issuer Circle Internet (CRCL.N), opens new tab rose 1.9%, while crypto exchange Coinbase Global (COIN.O), opens new tab gained 2%. GameSquare Holdings (GAME.O), opens new tab jumped 4.6% after the Delaware-based company announced it was selling some of its shares to fund cryocurrency-related investments. Companies such as GameStop (GME.N), opens new tab have been rushing to add crypto to their balance sheets, following the footsteps of Strategy (MSTR.O), opens new tab. Shares of the largest corporate holder of bitcoin have skyrocketed nearly 3,000% since 2020 and climbed 2.2% on Monday. Other cryptocurrencies also advanced, with Solana hitting its highest level since February. The ProShares Ultra Solana ETF (SLON.P), opens new tab also jumped 16.2%. The broader crypto sector's market value hit $4 trillion on Friday, according to CoinGecko data.
Yahoo
6 hours ago
- Business
- Yahoo
Crypto-linked stocks advance after Trump signs stablecoin law
(Reuters) -Shares of crypto-linked companies jumped on Monday, as ether prices advanced after President Donald Trump signed into law a bill regulating stablecoins in the U.S. Trump signed the GENIUS Act late on Friday, marking a huge win for crypto supporters, who have for long lobbied for a regulatory framework to gain greater legitimacy for the industry. The bill was passed in the House of Representatives by a vote of 308 to 122, with support from nearly half the Democratic members and most Republicans. It had earlier been approved by the Senate. Bitcoin, the world's biggest crypotcurrency, climbed about 1% on Monday, though it remains more than 3% away from its all-time high of $123,153 hit last week. The bill bans yields or interest payments on regulated stablecoins, which Deutsche Bank said is leading to a rise in Ethereum prices, on expectations that investors are moving into the world's second biggest cryptocurrency as an alternative for yield generation in decentralized finance. Ether was last trading at $3,783.2, hovering near its highest level since December 2024. U.S.-listed shares of companies, which have been adding cryptocurrencies to their coffers lately, were on the rise on Monday. Shares of BitMine, where tech billionaire Peter Thiel is the top investor and whose chairman is Fundstrat's Tom Lee, advanced 5.3%. Other ether holding firms Bit Digital, BTCS and SharpLink Gaming climbed between 3.1% and 12.6%, respectively. Stablecoin issuer Circle Internet rose 1.9%, while crypto exchange Coinbase Global gained 2%. GameSquare Holdings jumped 4.6% after the Delaware-based company announced it was selling some of its shares to fund cryocurrency-related investments. Companies such as GameStop have been rushing to add crypto to their balance sheets, following the footsteps of Strategy. Shares of the largest corporate holder of bitcoin have skyrocketed nearly 3,000% since 2020 and climbed 2.2% on Monday. Other cryptocurrencies also advanced, with Solana hitting its highest level since February. The ProShares Ultra Solana ETF also jumped 16.2%. The broader crypto sector's market value hit $4 trillion on Friday, according to CoinGecko data.
Yahoo
3 days ago
- Business
- Yahoo
Ethereum Treasuries Boom as Companies Look Beyond Bitcoin
In crypto, coming in second can pay even better than winning, as long as Peter Thiel is writing the checks. The tech billionaire's venture capital firm Founder's Fund has snatched up a 9% stake in BitMine Immersion Technologies. BitMine recently pivoted its focus from Bitcoin mining to building up its treasury stash of ether, disclosing this week that it now holds more than $500 million worth of the second-biggest crypto by market cap. Companies have been racing to bulk up their Ethereum treasuries as they look to copy-and-paste strategies that worked for Bitcoin, the No. 1 crypto. READ ALSO: Uber Paying $300M Fare in Robotaxi Deal and Gaming Platform Roblox Adds Age-Verification to Safeguard Kids Mimicking Michael Saylor Michael Saylor pioneered crypto treasuries in 2020 while leading Strategy (formerly MicroStrategy), the largest corporate holder of Bitcoin by far, with more than 600,000 Bitcoin in its stash. For investors, buying Strategy shares is a way to get indirect exposure to Bitcoin without directly investing in the digital asset. Dozens of companies have copied Strategy's model in recent months — even GameStop bought more than $500 million worth of Bitcoin. Now, companies are jockeying to become the Strategy of Ethereum: In the past 30 days, Ethereum treasury companies scooped up more than 545,000 ether worth at least $1.6 billion, CoinTelegraph reported. As companies piled into ethereum, the asset rallied to a five-month high yesterday, breaking the $3,200 mark for the first time since February. SharpLink now controls the largest corporate treasury of ether, even though the gaming and crypto company only started buying the asset last month. The firm has quickly accumulated 280,000 ether worth $846 million. But ether and Bitcoin are fundamentally different, and so are their treasuries. While Bitcoin acts as a digital store of value that sits in a vault, ether has myriad uses on the blockchain. For instance, SharpLink revealed that nearly 100% of its ether stash is staked, meaning it's being actively used to generate more ether. Shifting Spotlight: Bitcoin miners like BitMine could be looking for new sources of revenue after the crypto last year underwent its latest 'halving,' an event that cuts mining rewards in half. At the same time, Bitcoin has become crowded with investors piling into its ongoing rally (it broke past $120,000 for the first time Monday). Meanwhile, Ethereum, which many stablecoins are built on, could soon see an influx of traditional finance investors once the stablecoin regulatory framework that has been moving through the House gets President Trump's official green light. Treasury firms are ready and waiting … with giant piles of ether. This post first appeared on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
3 days ago
- Business
- Reuters
Crypto stocks jump as ether scales six-month high
July 18 (Reuters) - Crypto-focused stocks rose on Friday, after ether hit a six-month high on the passage of a stablecoin bill by the U.S. House of Representatives. The bill, expected to be signed into law by President Donald Trump, marks a watershed for the digital asset industry, which has long pushed lawmakers to create rules for digital assets, arguing that a clear framework could drive a wider usage of stablecoins and other crypto tokens. Ether benefits from an increased usage of U.S. dollar-pegged tokens known as stablecoins. Most stablecoins are issued and transacted on the underlying Ethereum blockchain, driving up demand for ether to pay for transaction fees. Shares of BitMine (BMNR.A), opens new tab, where tech billionaire Peter Thiel is the top investor and whose chairman is Fundstrat's Tom Lee, soared 12.7%. Other ether holding firms Bit Digital (BTBT.O), opens new tab and BTCS (BTCS.O), opens new tab added 6.5% and 22.9%, respectively. SharpLink shares dipped 0.6%. The $3.5 billion SharpLink Gaming (SBET.O), opens new tab, which has funded its ether treasury through stock sales in recent weeks, said on Thursday that it had added $5 billion to its current $1 billion share sale plan. "The standout proposition of institutional Ethereum accumulation seems to be stablecoin growth which has been further accelerated by the recent success of Circle IPO," said Matthew Dibb, CIO at Astronaut Capital, a Singapore-based crypto asset manager. "Ethereum is by far the biggest beneficiary of stablecoin usage." Stablecoin issuer Circle Internet (CRCL.N), opens new tab added 6%, while crypto exchange Coinbase Global (COIN.O), opens new tab gained 7.6% and hit an all-time high for the first since its IPO in 2021. Ether climbed to $3,675.81, its highest since January 6, and was last up 6.6% at $3,643.09, outperforming bitcoin , which eased 0.5% to $118,870 after hitting a record high of $123,153 this week. Ether has also got a boost from a number of companies adding the digital asset to their balance sheets recently, following the example of Strategy (MSTR.O), opens new tab. Shares of the largest corporate holder of bitcoin have skyrocketed more than 3,000% since 2000 as its underlying asset has ballooned in value. "Time will tell whether these treasury companies outperform the core ETH ETF, but given the success of (Strategy) in recent years, it won't stop them from trying," Astronaut Capital's Dibb said. While many companies have launched copycat strategies with bitcoin, which is capped at 21 million coins and is often viewed as a digital store of value, the pivot to ether has raised some eyebrows as it does not have a cap on maximum supply. "It is hard to comprehend why so many speculators are denying themselves that cardinal benefit by buying their crypto exposure in an equity wrapper that issues new shares regularly," said Michael O'Rourke, chief market strategist at JonesTrading. "While the fixed supply cap is bitcoin's cardinal trait, the cardinal trait of a digital treasury company business model is perpetual dilution through share issuance."
