Stocks tied to the cryptocurrency ether posted notable gains in premarket trading Friday, after the digital asset surged to its highest price in six months.
BitMine Immersion Technologies (NASDAQ:IMMR), a major holder of ether with roughly $1 billion in the cryptocurrency, jumped 14%. Other ether-exposed companies, including Bit Digital (NASDAQ:BTBT) and BTCS (NASDAQ:BTCS), climbed 4% and 12.5%, respectively.
Ether briefly reached $3,675.81—its highest mark since January 6—before pulling back slightly to $3,601.40, still up 5% on the day. In contrast, bitcoin dipped 0.7% to $118,961 after hitting an all-time high of $123,153 earlier in the week.
BitMine, backed by tech mogul Peter Thiel and chaired by Fundstrat’s Tom Lee, revealed on Thursday that it had amassed 300,657 ether in a span of just three weeks. The company said it intends to own about 5% of the total ether supply, which currently totals approximately 120.71 million tokens.
A wave of companies have recently followed a similar strategy to Strategy’s bitcoin accumulation model by adding ether to their balance sheets. These firms have generally built their positions at much lower prices than current market levels.
SharpLink (NASDAQ:SBET), which has financed its ether holdings through stock offerings over the last seven weeks, disclosed that it expanded its $1 billion share issuance plan by an additional $5 billion. Its stock rose 5.6% in premarket trading.
Ether’s recent rally is being fueled in part by the increased adoption of stablecoins—digital tokens pegged to the U.S. dollar—most of which are issued and transacted via the Ethereum blockchain. This activity boosts demand for ether to pay for network fees.
In a move seen as supportive of the broader crypto ecosystem, the U.S. House of Representatives passed legislation on Thursday to establish a regulatory framework for stablecoins—potentially paving the way for further institutional adoption in the digital asset space.
BitMine Immersion Technologies stock price
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