The Strategic Ethereum Reserve crosses the $8.6 billion threshold as 61 entities rally behind Ethereum’s long-term vision, according to data on the Strategic ETH Reserve.
(Source: Strategicethreserve)
Corporate Treasuries Pile Into Ethereum
Public companies are rushing into Ethereum, with giants like Bitmine Immersion, SharpLink Gaming, and others aggressively accumulating Ethereum in the latest corporate crypto trend.
In the latest acquisitions, BitMine Immersion Technologies’ Ethereum (ETH) holdings have now exceeded $2 billion. This comes after the company recently secured $250 million in a private placement on July 8th as part of its asset-light treasury strategy. As of July 23rd, BitMine owns 566,776 ETH, valued at $3,643.75 ETH.
“We are committed to Ethereum’s continued growth and look forward to advancing our Ethereum treasury strategy.” Jonathan Bates, CEO of BitMine, states in a press release.
Thomas “Tom” Lee of Fundstrat, Chairman of BitMine’s Board of Directors, stated in a press release that “At BitMine, we surpassed $2 billion in ETH holdings, just sixteen days after closing on the initial $250 million private placement. We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply.”
SharpLink Gaming holds the second place of the biggest ETH corporate holders, holding 360,807 ETH valued at approximately $1.35 billion, according to the latest data.
A growing number of corporations are now diversifying their treasury reserves by acquiring ETH, which shows a new trend where companies ditch Bitcoin as businesses embrace blockchain ecosystems and decentralized technologies.
At the time of writing, ETH is priced at $3,728.33 with a 6.6% hike in a week, with a market capitalization of $449.98 billion. The price surge comes from big investors and companies buying in. US ETH ETFs just pulled in over $3 billion this month, and upcoming upgrades will make the network faster and more efficient.
According to experts, ETH could hit $4,100. The cryptocurrency dipped earlier this week, dropping 9% from $3,589 to $3,500. But this was not a bad sign; it formed a classic “bull flag” pattern, which usually means the uptrend is not over yet. Buyers quickly jumped back in, pushing ETH up 2.7% in a single day and breaking out of the pattern.
The bounce off the 50-day moving average suggests that this was just a temporary pause before the next rally. If momentum holds, ETH could climb another 6% to test $3,973, with a shot at $4,100 soon after.
Also Read: BitMine Immersion Holds Over $2B in ETH to Grow Treasury
