Why Are MSTR, BMNR, CLSK Crypto Stocks Rising in Premarket Trading?

Crypto stocks Strategy (MSTR), Bitmine Immersion (BMNR), and CleanSpark (CLSK) led an unprecedented rise during the premarket trading hours on Tuesday. This comes as traders brace for the most-anticipated speech by Fed Chair Jerome Powell today, a day after the crypto market saw nearly $2 billion in liquidations.

Strategy’s MSTR Stock Climbs Ahead of Fed Powell Speech

The largest Bitcoin treasury Strategy’s MSTR stock gains more than 1% in the premarket trading hours on September 23. The stock closed 2.56% lower at $335.93 on Monday after hitting a 24-hour low of $329 as Bitcoin slipped to 2% to the $112K level.

Michael Saylor’s Strategy purchased an additional 850 BTC for $99.7 million, expanding its total Bitcoin holdings to 639,835 BTC. The firm now sits on an unrealized profit of $30 billion.

MSTR stock has given a 16% year-to-date (YTD) return, as per Yahoo Finance data. TD Cowen analyst Lance Vitanza reiterated his buy rating for the stock, giving a price target of $620

While traders remained skeptical over a rebound in MSTR stock due to a macro-heavy week. Fed Chair Jerome Powell spotlighting Fed rate cuts in his speech today could trigger a rebound in global markets, including the crypto market. Other Fed officials are doubtful about the need to cut rates quickly amid sticky inflation.

Bitmine Immersion (BMNR) Stock Up Over 2%

At the time of writing, BMNR stock price jumped nearly 2.55% to $56.30 during pre-market trading hours today. This comes amid a buy-the-dip sentiment after Bitmine stock tumbled 10.10% to $55.10 on Monday. The stock price is up nearly 4% in a week and more than 660% year-to-date, as per Google Finance data.

Tom Lee-backed Bitmine Immersion added $1 billion in ETH to raise its total Ethereum holdings to above 2% of Ethereum Network. The Ethereum treasury company now holds 2.42 million ETH worth more than $10 billion.

The company also announced a securities purchase agreement to sell 5.2 million shares of common stock at $70 per share. This is significantly higher than the current market price. 

Bitcoin Miner CleanSpark’s CLSK Stock Shoots 5%

At the time of writing, CLSK stock was trading 5.17% up at $14.45. CleanSpark closed 0.88% higher at $13.74 on Monday, with a 24-hour low and high of $12.51 and $13.82, respectively. Core Scientific stock has rallied over 50% YTD..  

The stock price is rising in response to $100 million Bitcoin-backed credit facility from Coinbase Prime. Bitcoin miner will scale its mining operations and high-performance computing (HPC) growth, while expanding its energy portfolio.