AI-focused bitcoin mining stocks extended gains on Monday, while Tesla rose sharply following Elon Musk’s latest share purchase.
The biggest decline came from bitcoin treasury firm KindlyMD (NAKA), which fell 55% after PIPE shares from its recent SPAC were registered late Friday, allowing insiders to sell their holdings.
Bitfarms (BITF) rose 15% pre-market to $2.55, extending a 75% weekly rally. Other AI-focused mining stocks also performed well: 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 volatility in a shareholder letter, noting the stock remains 96% below its record high. “Resilience and discipline separate those who endure from those who fade. For shareholders seeking a trade, I encourage you to exit,” he wrote.
Tesla (TSLA) traded at $420, up 6% from Friday after SEC filings showed Musk purchased nearly 2.6 million shares. CapitalB (ALCPB) also added 48 BTC, bringing its total to 2,249 BTC, up 15% in European markets.
