BitMine, Strategy and SharpLink recorded rebounds that exceeded the crypto market during the late-November 2025 recovery; BitMine rose by up to 20%, SharpLink 6% and Strategy 5%, versus a 2.1% advance in total market capitalization over 24 hours.
The three companies apply digital treasury models (DAT): firms that convert part of their balance sheet into crypto assets as reserves. BitMine stands out for its aggressive accumulation of Ethereum: it holds 3.63 million ETH, valued at approximately $10.6 billion, and aims to control 5% of ETH’s total supply.
SharpLink holds about 797,704 ETH, valued at $3.7 billion as of August 2025, and combines that accumulation with share buybacks when its price falls to the NAV level. SharpLink also reinvests staking rewards to increase its ETH position, a tactic aimed at generating compounded returns on the underlying asset.
Strategy remains focused on Bitcoin with 640,031 BTC, valued at $79 billion, maintaining its position as the largest corporate treasury in BTC. In the days leading up to the recovery, those stocks had suffered deep declines: between 40% and 51% in the prior 30 days, which left perceived valuations discounted and attracted opportunistic purchases.
Risks, institutional adoption and market signals
The rapid entry of institutional investors altered the dynamics: BitMine went from 6% to 31.7% institutional ownership in 13 days, with notable purchases from managers active in crypto. That flow is interpreted as a search for regulated exposure and liquidity without facing direct custody or private keys.
However, short analysts have pointed out vulnerabilities. Kerrisdale Capital has criticized BitMine’s model for relying on continuous issuance of shares to finance ETH purchases, which raises sustainability doubts in a competitive environment with more than 150 companies in the same race for treasuries.
The precedent of the “DAT blow-up” in 2025 underscores the persistence of volatility: more than 200 public companies plunged between 80% and 95%, showing that the equity wrapper does not eliminate the underlying asset’s intrinsic risk. Ted Pillows summarized the possible countereffect: “A reversal in these stocks will start a major reversal in ETH,” attributing to them a potential leading-indicator role on Ethereum’s trend.
The relative rebound of BitMine, Strategy and SharpLink evidences a growing preference for listed vehicles that centralize crypto exposure under regulated structures, but medium-term viability depends on the sustainability of accumulation strategies and the evolution of the regulatory framework.
