Crypto Stocks Rally on Capital Rotation; Bitmine Immersion Surges 11% After Buying $19.4M ETH

According to CNBC, on Monday (July 27), crypto stocks surged as capital rotated away from AI infrastructure and chip names. Bitmine Immersion led gains, jumping 11% after the ethereum accumulator increased holdings by nearly 10,000 coins worth about $19.4 million. Fellow ETH treasury firm Sharplink Gaming rose 6%, while Coinbase Global, BitGo and Figure Technology each climbed 4%–6%. Stablecoin issuer Circle Internet Group gained 2% after acquiring IBM's portfolio of over 1,000 blockchain-related patents.

Bitcoin miners exposed to AI faced headwinds, with Cipher Mining falling 8%, Hut 8 down 6%, and pure-play miners like Riot Platforms losing 5%. The sector-wide moves reflected concerns about capex requirements and capital raising needs amid risk-off sentiment in chip stocks. Bitcoin held below $65,000, while Ether rose over 1% to around $1,900.