Crypto stocks have diverged in the past few months. Digital Asset Treasury companies like SharpLink, Strategy, and BitMine have dropped as their respective coins have jumped.
On the other hand, Bitcoin mining companies that have expanded to the data center industry, like Bitfarms, TeraWulf, and Mara Holdings have jumped as computing demand rises.
This article explores 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 comes as the stock remains under pressure after falling by 94% from its highest point in May last year. This retreat has coincided with the ongoing waning demand for digital asset treasury companies.
It also comes as the value of its Ethereum holdings has plunged amid the ongoing ETH price retreat. 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, as we wrote, the stock has formed a falling wedge pattern, which is characterized by two descending and 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 made a major milestone by completing a $68 million transaction within 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 will also be in the spotlight because it has formed a bearish pennant pattern, pointing to a strong bearish breakdown in the near term.
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