AI-focused bitcoin mining stocks continued their rally on Monday, while Tesla rose sharply after Elon Musk’s latest share purchase.
The biggest decline came from bitcoin treasury company KindlyMD (NAKA), which fell 55% after PIPE shares from its recent SPAC were registered late Friday, a step allowing insiders to begin selling their holdings.
Bitfarms (BITF) gained 15% pre-market to $2.55, extending a 75% weekly rally. Other AI-focused mining stocks also saw strong performance: IREN (IREN) rose 3% pre-market, up over 230% year-to-date, and Hive Blockchain (HIVE) added 5%, building on a 40% gain over the past month.
In a shareholder letter, NAKA CEO David Bailey addressed the stock’s volatility, now 96% below its all-time high. “We know resilience and discipline separate those who endure from those who fade,” Bailey wrote. “For shareholders seeking a trade, I encourage you to exit.”
Tesla (TSLA) traded at $420, up 6% from Friday after a 7% gain last week, following SEC filings showing 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.
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