AI-focused bitcoin mining stocks extended gains on Monday, while Tesla surged following Elon Musk’s latest share purchase.
The largest decline was seen in bitcoin treasury company KindlyMD (NAKA), which dropped 55% after PIPE shares from its recent SPAC were registered late Friday. The registration allows insiders to sell, prompting the steep decline.
Bitfarms (BITF) rose 15% pre-market to $2.55, extending a 75% weekly rally. Other AI-driven mining stocks also performed strongly: IREN (IREN) gained 3% pre-market, up over 230% year-to-date, and Hive Blockchain (HIVE) added 5%, building on a 40% gain over the past month.
NAKA CEO David Bailey addressed the stock’s volatility, now 96% below its record high, in a shareholder letter: “Resilience and discipline separate those who endure from those who fade. For shareholders looking for a trade, I encourage you to exit.”
Tesla (TSLA) traded at $420, up 6% from Friday’s close, after SEC filings showed Musk purchased nearly 2.6 million shares. Meanwhile, CapitalB (ALCPB) acquired 48 BTC, bringing its total holdings to 2,249 BTC, up 15% in European markets.
