Top 4 Crypto Stocks to Watch This Week: BitMine, Strategy, Strive, BitGo

Top crypto stocks have come under pressure in recent days as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and XRP (CRYPTO: XRP) have pulled back from their September highs. 

This article looks at some of the top crypto stocks to watch this week, including popular names such as BitMine (NASDAQ:BMNR), Strategy (NASDAQ:MSTR), Strive (NASDAQ:ASST) and BitGo (NYSE:BTGO).

Strategy Stock in Focus as Saylor Hints at Bitcoin Buying

MSTR stock has pulled back and moved into a local correction after falling by 10% from its highest point in September. This retreat has coincided with Bitcoin’s retreat from the September high of $87,200 to $83,000 today. 

The stock will be in the spotlight as it reveals its recent Bitcoin purchases. Michael Saylor has hinted that the company continued its purchases last week, saying that there was always room for "more orange."

Strategy is still the biggest Bitcoin holder in the world, with 848,000 coins valued at over $70 billion. The value of its holdings has jumped from the year-to-date low of over $49 billion.

In addition to Bitcoin purchases, Strategy has continued to use its recently raised cash to repurchase STRC’s shares in a bid to push its value to par. 

Strive in Focus on Bitcoin Buying

Strive, a company associated with Vivek Ramaswamy, will also be in focus this week as it reports whether it continued buying Bitcoin. In its last update, the company said it bought an additional 2,000 coins at $84,422 each. The purchase cost about $169 million and was funded through SATA, its preferred stock vehicle.

Strive has become one of the biggest Bitcoin holders in the world. It now holds 29,462 coins valued at over $2.4 billion, with its stock being up by over 285% from its lowest level this year.

BitMine Stock in the Spotlight as its Ethereum Buying Nears Target

Tom Lee’s BitMine stock has plunged in the past few weeks, moving from a high of $28.8 in September to the current $24. Its retreat happened as Ethereum dropped from $2,806 to the current $2,540. 

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The company is now in the spotlight as it unveils its Ethereum buying report for last week. In its last report, the company said that it continued its buying spree, bringing its holdings to 6,016,414 coins. Its holdings are now equivalent to 4.9% of its total holdings, meaning that it will reach 5% soon. 

By ending the purchases, the company will now focus on generating revenue through staking. It will also stop diluting its shareholders through share sales. 

BitGo Stock in Focus Amid a $141 Million Legal Battle

BitGo, one of the biggest custodian companies in the industry, has seen its stock drop by over 70% from its all-time high, with its market capitalization moving from $2.14 billion to the current $861 million.

The company will be in the spotlight as it faces a $141 million legal battle with World Liberty Financial, the project backed by the Trump family. DWF Maas and Falcon Digital have sued BitGo, claiming that it breached contracts by selling WLFI tokens before the agreed lock-up expiry. 

The most recent results showed that BitGo’s revenue rose by 79.6% in the second quarter to $4.32 billion. It also made a net loss of $19 million after making a $38.3 million profit in the same period a year earlier.

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