Strategy (NASDAQ:MSTR) stock and Bitmine Immersion Technologies (NYSE:BMNR) shares are both jumping roughly 6% Monday morning, and yeah, it’s not subtle. The move is tied to a broader crypto rebound, with Bitcoin rising about 3% in 24 hours to nearly $70,000.
Both companies have big crypto holdings sitting on their balance sheets. That means when digital asset prices move, their equities tend to move right along—sometimes with extra drama.
It’s a small kind of relief for investors, too. Strategy was down 21.14% year-to-date heading into today, while Bitmine Immersion Technologies had slipped 28.36% year-to-date as of last Thursday’s close. Today’s pop doesn’t wipe those losses away, but it does hint at renewed appetite for “crypto treasury” stocks—names that basically trade like leveraged proxies for Bitcoin or Ethereum.
If you want the simplest reason Strategy is acting like this, it’s because it owns a lot of Bitcoin. Strategy holds 713,502 BTC on its balance sheet as of February 1, which the company frames as the world’s largest corporate Bitcoin holder. That treasury isn’t just an asset—it’s the main driver of why the stock can swing so hard when Bitcoin moves.
In fact, Strategy’s FY2025 BTC Yield came in at 22.8%, a metric the company uses to track Bitcoin accumulation relative to its share count. The company also raised $25.3 billion in capital during FY2025, and Misryoum newsroom reported that made it the largest U.S. equity issuer for two consecutive years. Aggressive accumulation like that tends to turn even modest Bitcoin moves into bigger equity reactions—because, effectively, the math keeps getting amplified.
Now, the next thing traders are watching is whether the “buy more” story keeps going. Prediction markets are pricing in continued accumulation: according to Polymarket data, there’s a 95% probability that Strategy announces a Bitcoin purchase between April 7 and April 13, with a 79.5% probability that purchase exceeds 1,000 BTC. Crowds also assign a 95.4% probability that Strategy holds 800,000 or more BTC by December 31. Analysts, meanwhile, look broadly constructive—Misryoum editorial desk noted the consensus analyst price target is $374.07, with 13 buy ratings and just one hold.
Over to Bitmine, and the playbook looks similar, but the reserve asset is Ethereum. The company says it has the largest ETH treasury in the world and set an ambitious goal to acquire 5% of all ETH in existence. Ethereum’s recent performance is part of why Bitmine’s narrative is getting attention: Ethereum has gained 37% over the past year, while Bitcoin is down -11% over the same stretch. That divergence helps Bitmine argue Ethereum is the differentiator.
Bitmine’s numbers also give the story some weight. The company reported FY2025 net income of $328.16 million against a prior-year net loss of $3.29 million, with EPS of $13.39 versus an estimate of -$0.10. Revenue came in at approximately $6.1 million for the full year. Misryoum analysis indicates that becoming the first large-cap crypto firm to declare an annual dividend—$0.01 per share—also helps it feel less like pure speculation, even if it still absolutely behaves like a crypto-sensitive stock.
There’s support behind the thesis, too. ARK Invest, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital are all listed as backers. Analysts covering BMNR stock carry a price target of $36, which implies meaningful upside from current levels, though the target carries low confidence given the stock’s early trading history.
A detail that sticks with me from early trading hours—someone in the office had the quiet clack of a keyboard going while the screens refreshed, and the air had that faint, warm smell of burnt coffee—was how fast the tone changed when the charts started turning.
What to watch now is whether today’s momentum lasts. Strategy stock is still down 16% year-to-date, and Bitmine carries over $4 billion in unrealized losses on its ETH holdings following the price decline since August. Both remain highly sensitive to crypto swings, in either direction. So if Bitcoin and Ethereum keep moving this week, these stocks likely stay in the spotlight. And if a Strategy Bitcoin purchase announcement lands in the April 7 to April 13 window—something prediction markets strongly anticipate—that could be the next real catalyst for MSTR shares. Of course, crypto doesn’t always follow the script, but…
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