Investors didn’t take too kindly to new crypto acquisitions from treasury companies on Monday, while announcements from crypto-pivoting businesses had the opposite effect.
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Crypto stocks saw mixed day of trading in the US on Monday as investors winced over crypto treasury firms’ latest buying, but still took well to new crypto pivots and acquisitions.
Stocks tied to the crypto sector fell in early trading on the US and Canadian markets on Monday as the price of Bitcoin () dropped for the first time in nearly two weeks, as hype from the Federal Reserve’s rate cut on Wednesday faded.
Crypto treasury companies, which buy and hold crypto, largely led Monday’s losses.
Crypto treasuries fill Monday’s losers
Medical device company Helius Medical Technologies (HSDT) had the largest share price drop of crypto companies on Monday, ending the trading day down 33.6% after its first Solana () buy. It saw an 8.6% lift after-hours to $17.40.
The company spent over $175.6 million, buying 760,190 SOL at an average cost of $231. Solana has dropped 7% on the day to $218, valuing Helius’ holdings at under $166 million.
Meanwhile, shares in the vape company turned BNB () treasury CEA Industries (BNC) tumbled 19.5% after a $500 million share deal on Sunday, which it said would cause volatility.
Adding to the day’s losses was Tom Lee’s BitMine Immersion Technologies (BMNR), ending down 10% after it announced a of Ether (). The Bitcoin-buying giant Strategy Inc. (MSTR) also finished down 2.5% after a BTC buy.
Crypto pivoting AgriFORCE, Qualigen are Monday’s best gainers
While crypto buying from treasury companies dampened share prices, announcements of new crypto pivots had an opposite effect.
AgriFORCE Growing Systems (AGRI), which sells farming technology, saw its shares close at nearly 138% on a plan to and raise $550 million to buy Avalanche ().
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Similarly, shares in Qualigen Therapeutics (QLGN), which develops cancer treatments, jumped nearly 95% after it it would start a “crypto and web3-related business” with a $41 million investment from the Faraday Future.
Bakkt and Semler add to Monday’s winners
Meanwhile, on Monday, the crypto custody and trading firm Bakkt Holdings (BKKT) rallied over 40% after crypto entrepreneur Mike Alfred to its board of directors, who has founded and led multiple crypto companies.
Shares in the medical device turned Bitcoin treasury company Semler Scientific (SMLR) also rose over 9.8% after announcing that Strive Inc., the asset manager turned Bitcoin buyer led by failed presidential bidder Vivek Ramaswamy, . Shares in Strive Inc. (ASST) plunged 4.6%, however.
The mixed trading day comes after HashKey Capital CEO Deng Chao that only crypto treasury companies with a long-term strategy will “survive any market,” and stressed they should build long-term value over chasing short-term gains.
“Digital assets themselves are not inherently unsustainable; it is how they are managed that makes the difference,” Chao said.
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