Crypto-linked equities are outrunning the coins in Tuesday morning trade. The CoinShares Bitcoin Mining and Digital Power ETF (NASDAQ:WGMI) is up 4% to $46.55, while the iShares Bitcoin Trust ETF (NASDAQ:IBIT) is up 0.6% to $44.92. Miners and treasury names are repricing to a firmer tape while the coins barely move.

CleanSpark (NASDAQ:CLSK | CLSK Price Prediction) stock is up 7% to $12.72, and BitMine Immersion Technologies (NYSE:BMNR) stock is up 4% to $25.21, both extending a bounce in crypto-adjacent equities. Bitcoin (CRYPTO:BTC) trades at $79,377.30, up 0.4% over the past 24 hours; Ethereum (CRYPTO:ETH) sits at $2,475.16, down 0.5% over the same window.

Crypto equities carry embedded…