Bitcoin Rebounds as Tech Stocks Recover, While Bitmine Adds $30 Million in Ether
U.S. technology futures climbed early Monday after a 5.5% weekly sell-off, with investors preparing for a fresh round of corporate earnings that could determine whether enthusiasm for artificial intelligence stocks can recover. In crypto markets, treasury firms continued buying Bitcoin and Ether despite broader financial market uncertainty.
Bitmine’s ETH Holdings Approach 5% of Ethereum Supply
Bitmine (BMNR), an Ethereum-focused treasury company, acquired another 12,535 ETH last week, spending approximately $30.4 million at recent prices. The purchase was almost identical in size to its acquisition the previous week.
The latest addition brought Bitmine’s total ether holdings to 6.04 million ETH, leaving the company roughly 64,000 tokens short of its goal of owning 5% of Ethereum’s supply.
At its recent accumulation rate, Bitmine could achieve that target within about five weeks, provided Ethereum’s supply remains relatively stable. Chairman Tom Lee has previously said the company plans to halt further ETH purchases once it reaches the milestone.
Metaplanet Deal Clears Shareholder Approval
Metaplanet is moving closer to establishing a larger presence in the U.S. Bitcoin treasury market after Super League shareholders approved its proposed acquisition, according to CEO Simon Gerovich.
The transaction is expected to pave the way for the company to become Superplanet (SUPA), a U.S.-listed Bitcoin treasury platform. When the deal closes, Metaplanet will contribute 2,100 BTC from its existing 44,000 BTC holdings and $2.5 million in cash in exchange for approximately 93.7% ownership. Its shares will be subject to a five-year lockup.
Superplanet plans to increase its Bitcoin holdings per share primarily by issuing non-convertible perpetual preferred stock, giving Metaplanet another route to raise capital in U.S. markets.
Strategy Buys 267 BTC as Strive Expands Its Treasury
Strategy (MSTR), led by Michael Saylor, purchased 267 Bitcoin last week, increasing its total reserve to 848,517 BTC.
The company also repurchased $193 million in STRC preferred stock and expanded its buyback authorization to $3 billion from $2 billion. STRC fell to $97.72 during last week’s market downturn, potentially encouraging the company to continue buying back shares instead of issuing additional stock to finance Bitcoin acquisitions.
Strive (ASST), led by Matt Cole, added 1,223 BTC over the same period, bringing its holdings to 36,818 coins. The company expects to receive $600 million in proceeds from its SATA preferred-stock IPO later this week, which could provide additional funds for Bitcoin purchases.
SATA shares also declined during the sell-off, reaching $96.83 after trading at or above their $100 par value for several weeks. Trading above par had previously helped Strive use the preferred stock to support its Bitcoin acquisition strategy.
VIX Declines as Wall Street Volatility Eases
The Cboe Volatility Index, commonly known as Wall Street’s fear gauge, fell 5% to just below 19 on Monday.
The index measures expected volatility in the S&P 500 over the next 30 days. It had surged more than 20% on Friday, approaching 20 as technology and AI-related shares tumbled. Historically, sharp Friday increases in the VIX have often moderated by Monday.
French Bonds Face Pressure After Weekend Unrest
European markets moved lower despite expectations of a recovery in U.S. equities and declining Treasury yields.
The Euro Stoxx 50 dropped 1.3%, while France’s CAC 40 lost 1.65% following unrest over the weekend. French government bond yields rose sharply, with the 10-year OAT yield increasing 11 basis points to 4.89%.
Germany’s 10-year Bund yield rose 3.5 basis points to 3.44%, widening the spread between French and German 10-year borrowing costs to 145 basis points, its highest level in two weeks.
FxPro Says Bitcoin’s Recovery Remains Unconfirmed
Bitcoin rose 1.4% over the weekend to around $82,800 after buyers again defended its 50-day moving average. However, FxPro chief market analyst Alex Kuptsikevich cautioned that the move appears to be a short-term rebound rather than a confirmed resumption of bullish momentum.
Bitcoin’s 50-day moving average sits near $81,000 and has acted as support during each pullback since last Tuesday. Holding above it helps preserve the medium-term trend, but a stronger breakout would be needed to confirm a more sustained recovery.
Kuptsikevich compared the current price action with last summer, when Bitcoin traded within a narrow range for more than a month before a sharp rally began on August 19. He also noted that traditional markets sometimes establish local bottoms toward the end of October, giving crypto traders hope that seasonal patterns could help prices recover from recent losses.
AI Infrastructure Shares Bounce After Last Week’s Sell-Off
Galaxy Digital (GLXY) and other companies exposed to AI data-center infrastructure advanced in premarket trading following steep declines last week.
StoneX analyst Mark Palmer argued that Galaxy’s valuation appeared to assume that CoreWeave (CRWV), a tenant at Galaxy’s Helios data center, had already failed and that no replacement tenants would be available. Palmer reiterated his buy rating and $57 price target on Galaxy. Its shares rose 3% in premarket trading to $16.80 after losing 20% last week.
Goldman Sachs also upgraded CoreWeave from neutral to buy. CRWV gained 6% after a 23.5% decline, while Hut 8 (HUT), TeraWulf (WULF) and IREN (IREN) each rose more than 5%.
Musk Announces Plan to Give SpaceX Shares to Children
Elon Musk said Monday that he intends to give one SpaceX share to every child in the United States next year, describing the proposed giveaway as the first of several initiatives.
SpaceX is scheduled to publish its third-quarter financial results after the U.S. market closes on Thursday.
Oil Recovers as Middle East Tensions Raise Supply Concerns
Oil prices recovered from their Asian-session lows amid renewed concerns about geopolitical developments in the Middle East.
West Texas Intermediate crude futures climbed to $98.55 per barrel, leaving them down just 0.5% on the day after touching $96.72 earlier. Bitcoin and ether also surrendered their initial gains as oil prices moved higher.
The rebound followed reports that the United States had issued security warnings covering 12 locations across the region, including Saudi Arabia, the United Arab Emirates, Kuwait, Jordan, Bahrain, Oman, Iran, Qatar, Iraq, Lebanon, Yemen and Israel/Jerusalem. The warnings cited possible flight cancellations and airspace closures.
The developments raised concerns about potential new U.S. strikes against Iran and further disruptions to oil shipments through the strategically important Strait of Hormuz.
Bitcoin Briefly Crosses $83,000 Before Pulling Back
Bitcoin climbed from an overnight low near $80,700 to briefly move above $83,000 early Monday, but fell back to around $82,400 within 30 minutes as selling pressure returned.
The cryptocurrency was still up 0.3% over 24 hours, but the $84,000 area remained a key resistance level after turning back advances on October 13 and October 14.
The move higher coincided with a recovery in technology futures. Nasdaq 100 futures gained 1.1% after last week’s 5.5% decline, while S&P 500 futures rose 0.5%. An exchange-traded fund tracking semiconductor stocks climbed 3% before the U.S. market opened, potentially ending a nine-session losing streak.
European equities remained under pressure, with the Stoxx 600 down 0.8% after weekend unrest in France. French bonds led losses in European government debt, the euro weakened against major currencies, the U.S. dollar remained largely unchanged, and Brent crude eased from a five-month high.
For Bitcoin, a sustained move above $84,000 would offer an early signal that the rebound in technology stocks is translating into stronger buying momentum across cryptocurrency markets.
