Shares of Ethereum (CRYPTO: ETH) treasury companies opened lower in Monday’s pre-market trading after ETH failed to sustain its rally to record highs.
ETH Treasury Stocks Tumble
World's largest ETH treasury company BitMine was down over 6% in pre-market trading. The firm, holding 1.26% of the total ETH in circulation, has spearheaded the accumulation trend over the last two months.
The company roped in popular Wall Street analyst Tom Lee as Chairman, while seasoned investors like Cathie Wood and Peter Thiel have acquired significant stakes.
Sharplink Gaming, the second-largest ETH hoarder, slid 4.70%, while Bit Digital fell 3.13%. The newly branded ETHZilla Corp. bucked the decline, rising by more than 3%.
These companies launched their ETH treasury strategies, shifting their primary reserve asset to the second-largest cryptocurrency.
| Companies | Total ETH In Reserves | Price (Recorded at Friday’s Market Close) | Pre-Market Gains +/- |
| BitMine Immersion Technologies Inc. (AMEX:BMNR) | 1,523,373 | $53.49 | -6.13% |
| Sharplink Gaming Inc. (NASDAQ:SBET) | 740,760 | $20.87 | -4.70% |
| Bit Digital Inc. (NASDAQ:BTBT) | 120,306 | $2.88 | -3.13% |
| Ethzilla Corp. (NASDAQ:ETHZ) | 94,675 | $3.30 | +3.33% |
See Also: This Ethereum Trader Turned $125,000 Into $29.6 Million In 4 Months
ETH In Record Territory
The dip in stocks comes after ETH sharply retraced on Sunday following a flash crash that saw Bitcoin's (CRYPTO: BTC) price drop from $114,000 to $110,000.
The pullback dampened some of the optimism that had built up earlier in the day, when the second-largest cryptocurrency climbed to a new all-time high of 4,953.73, surpassing its previous record set nearly four years ago.
ETH surged alongside the broader cryptocurrency market over the weekend, following dovish remarks from Federal Reserve Chair Jerome Powell, who signaled potential interest rate cuts in September.
Institutional interest in ETH has soared lately, with spot exchange-traded funds linked to the coin recording five consecutive months of net inflows, according to SoSo Value.
Price Action: At the time of writing, ETH was trading at $4,604.72, down 3.46% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has rallied over 38%.
As of this writing, the BMNR stock demonstrated very high Momentum but lagged on the Value metric. Visit Benzinga Edge Stock Rankings to compare it with other ETH treasury companies.
Photo Courtesy: Zakharchuk on Shutterstock.com
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