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Digital asset treasuries (DATs) are leading a crypto stock recovery as markets rebound following a big leverage flush to start the month.
Ether DATs recovered strongly on Tuesday, including Nasdaq-listed EthZilla (ETHZ) which gained 12.35% on the day to $10.80 in after-hours trading, according to Google Finance.
The world’s largest Ether (ETH) treasury, BitMine — which has been reportedly buying the dip this week — also saw double-digit stock gains on Tuesday with a 10.26% gain for BMNR.
BitMine shares reached $32.40 in after-hours trading, up more than 650% since it announced its Ether strategy in late June.
Meanwhile, the top-performing crypto stock of the day was mining and crypto investment firm Thumzup Media Corp (TZUP), which gained 13.25% on the Nasdaq on Tuesday.
Crypto DAT stocks performed well on Tuesday. Source: SoSoValue
Bitcoin DAT stocks slower to recover
Several listed altcoin treasury companies also outperformed their Bitcoin (BTC) brethren as crypto markets recovered.
GD Culture Group (GDC), which is a virtual content production business and TRUMP memecoin treasury, saw its stock gain 11.4%, while Solana (SOL) treasury (HSDT) notched a 9.36% gain on the day, and Sui Group Holdings (SUIG) made 7.7%.
Related: Bitcoin surges to $93K after Sunday flush, as analysts eye $100K
The world’s largest crypto treasury, Michael Saylor’s Strategy (MSTR), saw a modest 5.78% gain on the day with share prices hitting an intraday high of $188 during the Tuesday trading session.
Strategy stock is down 37.4% since the beginning of the year, with most of its losses coming since the mid-October crypto market reversal.
BitMine buying the dip again
BitMine has reportedly been buying the Ether dip this week, scooping up another 7,080 ETH worth $19.8 million on Monday, and 18,345 ETH worth around $55 million on Tuesday, according to Lookonchain and Arkham Intelligence.
However, these purchases have not been officially confirmed by the company.
Ether prices rebounded to reach a five-day high of $3,060 in early trading on Wednesday morning.
Magazine: Animoca’s bet on altcoin upside, analyst eyes $100K Bitcoin: Hodler’s Digest
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