The crypto stock market opened positively on February 20, with overall capitalization rising 1.5% over the past 24 hours. This momentum lifted several major crypto-related stocks, including Bitmine (BMNR), Strategy (MSTR), and Circle (CRCL), despite ongoing volatility in underlying cryptocurrency prices.
Bitmine (BMNR), a firm with massive Ethereum (ETH) treasuries, saw its stock rise 1.3% in pre-market trading. This rally followed on-chain data revealing Bitmine purchased 10,000 ETH (worth approximately $19.49 million) from Kraken. Prior to this, the company had acquired 45,759 ETH, bringing its total holdings to 4.37 million. Bitmine also reported 3.04 million staked ETH, with anticipated annual staking incentives reaching up to $252 million. The stock's performance remains highly sensitive to ETH price movements, having dropped 29% over recent months as ETH weakened. At press time, ETH was priced at $1,956, down 0.4% on the day.
Strategy (MSTR), closely associated with Bitcoin (BTC), rallied 1.4% in pre-market trading. Earlier in February, the company acquired an additional $90 million worth of BTC at an average price of $78,815 per coin. Despite BTC's price trading in a tight range and testing lower levels—which contributed to a 19% drop in MSTR over the previous month—Chairman Michael Saylor expressed long-term conviction. Strategy recently bought an additional 2,486 BTC, with Saylor calling the current market phase "the shortest and mildest" crypto winter yet.
Circle (CRCL), the issuer of the USDC stablecoin, rallied 1.55% in pre-market trading, though it decreased 1.9% over the past day. The stock has faced pressure from low-volatility consolidation in February, which reduces trading activity and stablecoin volumes. However, CRCL stands to benefit from recent regulatory developments. A White House meeting focused on stablecoin regulation, specifically discussing whether stablecoins like USDC can offer yield to holders. This meeting is part of broader negotiations on crypto market structure bills, often referred to as the CLARITY Act. Clearer regulation could reduce uncertainty and support long-term growth for Circle.
