Companies that stock up on cryptocurrency as treasury assets became central players in the crypto market earlier this summer as investors chased returns during a bitcoin price slump . However, the rally for shares of certain names in the space has cooled dramatically in August. A catalyst awaits in the form of the Federal Reserve’s Jackson Hole economic symposium this week: Depending on the central bank’s messaging, some of these stocks could resume their upward trajectory if the market’s appetite for risk returns. CNBC took a look at the winners and losers from this sector this month, as well as since they adopted their crypto accumulation strategy. We also analyzed what sets the biggest gainers apart from the rest and what potential investors should consider from this group. The data below is current as of Aug. 19. To be sure, the short-term comparison is deceptive because each of the companies announced their crypto treasury focus at different points on the calendar. Ethzilla , for example, did so most recently on July 29, and the initial rush into the stock carried into the beginning of August. The shares have the highest month-to-date return of the group at about 114%. Ether -focused BitMine Immersion Technologies has the second biggest gain this month so far, followed by Solana holding company DeFi Development Corp . Here’s how the other names have fared: Support from notable backers Companies with high-profile backers like Fundstrat Global Advisors’ Tom Lee and tech billionaire Peter Thiel are holding up better. Lee became the chairman of BitMine Immersion in late June, shortly before Thiel disclosed a 9% stake in the company . Thiel later bought a 7.5% stake in Ethzilla, formerly a biotech company called 180 Life Sciences. “Large names extend their reputation to the vehicle and instill confidence that the backers of these assets — alongside executives and board members with legal ties — will operate them as real businesses, growing revenue while managing risks,” said Michael Bucella, co-founder and managing partner at Neoclassic Capital. “That investor confidence creates momentum and market depth, which fuels volume and options activity,” he added. “This in turn enables these companies to establish sizable ATM programs, raising large sums of capital to acquire more of the asset and gain greater prominence in its ecosystem.” Steve Kurz, global head of asset management at Galaxy Digital, which has backed big deals like SharpLink Gaming and ReserveOne (which is expected to begin trading at the end of the year), emphasized the importance of quality management teams not just when picking stocks but also when assessing how long the sector’s momentum can last. “Those that raise more capital with the right partners, with the right business model, with the right management teams have a much better shot of achieving some escape velocity with their ultimate treasury management companies, which also can become ecosystem companies that are bigger than just the immediate launch moment,” he said. The ether connection Companies focused on ether versus other cryptocurrencies — including bitcoin — have fared better overall. That’s due to the successful initial public offering of stablecoin issuer Circle , the passage of the stablecoin regulatory framework known as the GENIUS Act, and the subsequent explosion of institutional interest in stablecoins – most of which run on the Ethereum network. Strategy , which famously pioneered the original bitcoin treasury strategy in 2020, is down about 16% this month. A little-known Canadian vape company called CEA Industries saw shares surge about 550% on July 28 after it joined the Strategy copycat club, with a focus on accumulating Binance Coin . It’s down 28% this month. Solana-focused DeFi Development is seeing more success, however. It’s up about 2,600% since its April 7 accumulation announcement – nearly as much as Strategy’s return since its June 2020 pivot. For the month, it’s still up 8%. Bit Digital is now an ether accumulator, having exited bitcoin mining in June to focus on its ether treasury and staking plans. However, it has seen less success with shares up 11% since the company’s announcement and a 6.5% decline this month. —CNBC’s Chris Hayes and Tom Rotunno contributed reporting.