The stock market capped off the trading week with a strong rebound, erasing the previous days’ losses, after the US central bank signaled to cut interest rates next month.
The Dow Jones led the gains among Wall Street’s main indices, jumping 1.89 percent. The tech-heavy Nasdaq followed with a 1.88 percent gain, and the S&P 500, with a 1.52 percent increase.
Optimism spilled over to individual stocks, 10 of which were notable for soaring by double digits. In this article, we identified the top 10 performers on Friday and detailed the reasons behind their gains.
To compile the list, we focused exclusively on stocks with $2 billion in market capitalization and at least 5 million shares in trading volume.
The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels
10. Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR)
Bitmine Immersion rebounded by 12.07 percent on Friday to close at $53.49 apiece as investors gobbled up shares amid Ethereum’s surge to a new record high, buoyed by an overall market optimism.
During the session, the cryptocurrency soared to a new high of $4,866, mirroring an overall rally in both crypto and stocks after Federal Reserve Chairman Jerome Powell hinted at rate cuts beginning next month.
Being Ethereum’s largest treasury holder, investor funds flocked to Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR), with the cryptocurrency currently up by 14 percent.
Last week, the company said that it is now the largest ETH treasury holder globally, owning as much as $6.612 billion of ETH.
In its updated report, it said crypto holdings are comprised of more than 1.5 million ETH with an average price of $4,326 apiece. It also owns 192 Bitcoins in its treasury.
“As we continue to say, we are leading crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock,” said Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) Chairman Thomas Lee.
“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” he added. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.”
9. VNET Group, Inc. (NASDAQ:VNET)
VNET Group surged by 12.94 percent on Friday to close at $8.29 apiece after posting a strong revenue performance that beat analyst expectations in the second quarter of the year.
In its updated report, VNET Group, Inc. (NASDAQ:VNET) said that net revenues increased by 22.1 percent to 2.43 billion yuan from 1.99 billion yuan in the same period last year, on the back of a strong internet data center business.
However, VNET Group, Inc. (NASDAQ:VNET) swung to a net loss attributable to shareholders of $11.98 million from a $63.67 million attributable net profit in the same period last year.
In the first half, revenues grew by 20 percent to 4.68 billion yuan from 3.89 billion yuan year-on-year. Net loss widened by 102 percent to 249 million yuan from 123 million yuan in the same period.
“Looking ahead, we will sharpen our competitive advantages with faster deliveries and consistently reliable IDC services as we embark on our ambitious Hyperscale 2.0 framework for building greener, more intelligent data centers for the AI era,” said VNET Group, Inc. (NASDAQ:VNET) founder and Executive Chairman Josh Sheng Chen.
For full-year 2025, the company maintained its revenue target of 9.15 billion yuan to 9.35 billion yuan, representing a year-on-year growth of 11 to 13 percent.
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