Crypto stocks have taken different paths in recent months. Companies that hold digital assets, such as SharpLink, Strategy, and BitMine, have seen their stock prices fall even as their coin holdings grow.
Meanwhile, Bitcoin mining firms that have moved into the data center business, like Bitfarms, TeraWulf, and Mara Holdings, have seen their shares rise as demand for computing power increases.
In this article, we look at some of the top crypto stocks to watch this week, including Circle (CRCL), SharpLink (SBET), Strategy (MSTR), and BitMine (BMNR).
SharpLink to Publish its Financial Results
SharpLink, a top Ethereum holder, will be in the spotlight this week as it releases its financial results on Monday.
These results come as the stock remains under pressure, having fallen by 94% from its peak in May last year. This retreat has coincided with the ongoing waning demand for digital asset treasury companies.
It also comes amid the ongoing ETH price retreat, as the value of its Ethereum holdings has plunged. Data compiled by CoinGecko shows that the company holds 864,840 coins worth $1.6 billion, down from its cost of $3.1 billion.
Therefore, there is a likelihood that the company will announce a huge unrealized loss. The last results showed that its revenue rose by 1,100% in the third quarter to $10.8 million, while its net income jumped to $104.3 million.
BitMine (BMNR)
BitMine, another top Ethereum treasury company, will be in the spotlight this week for two main reasons. First, at the time of the report, the stock had formed a falling wedge pattern, characterized by two descending, converging trendlines. The two lines are now nearing their confluence, meaning that a rebound could happen as soon as this week.
Second, the company will likely unveil its Bitcoin holdings on Monday. It has already accepted 188,462 coins in the last 30 days, bringing its total to 4.47 million. These tokens are now worth $8.68 billion, which is equivalent to 3.7% of the total supply.
Circle Stock in Focus After Major Milestone
Circle, the creator of USDC, will be in the spotlight this week after the company reached a major milestone: completing a $68 million transaction in less than 30 minutes. The company used its Circle Mint and USDC solution to replace traditional wires.
The company hopes to provide this technology to other companies that use traditional rails to move money. In most cases, these rails are usually highly expensive and time-consuming.
It already launched Circle Payment Network (CPN), which aims to disrupt traditional solutions like SWIFT in the money transfer industry. CPN has already integrated with over 50 companies and is evaluating 75 others.
Strategy (MSTR)
Michael Saylor’s Strategy will also be in the spotlight this week as the company publishes the size of its recent Bitcoin purchase. Michael Saylor has already hinted that the company made its 101st purchase last week.
The stock is also drawing attention because it has formed a bearish pennant pattern, which could mean a sharp drop soon.
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