Ethereum is up today as BitMine, Ether Machine, and SharpLink expanded their Ethereum treasuries by over 1.35 million ETH combined. The largest altcoin by market cap is looking to continue its bullish momentum and retest the psychological $4,000 level.
ETH Soars 5.68% as BitMine Boosts Ethereum Treasury
Ethereum price surged 5.68% to $3,682.93 after starting the day near $3,489. It first moved above $3,550, then briefly stalled before rallying past $3,600. A second breakout pushed the price above $3,650, hitting a session peak above $3,700 before pulling back slightly. The rally is the best intraday performance of Ethereum in more than two weeks.
This was accompanied by institutional acquisitions, headed by Ethereum treasury firms like BitMine. BitMine has become the largest Ethereum treasury in the world with over $2.9 billion in ETH.
According to a press release, the latest purchase was finalized at an average price of $3,491.86. The company now holds over 833,000 ETH, which it acquired in just 35 days.
Chairman Tom Lee said the company aims to acquire 5% of all ETH in circulation. Such a fast acquisition is in line with BitMine’s goal of establishing long-term value through staking and yield on ETH.
Bill Miller III, an early MicroStrategy investor, has also made a significant stake in BitMine. He compares the firm’s strategy to Michael Saylor’s Bitcoin treasury pivot in 2020.
Ether Machine Boosts Holdings to 345K ETH, Expands Staking Strategy
Meanwhile, The Ether Machine has added 10,605 ETH worth $40 million, purchased at an average price of $3,781. This raises its total ETH holdings to 345,362.
The press release revealed that the purchase was funded from a recent $97 million private placement. The Ethery treasury firm actively stakes and restakes ETH to generate yield and support Ethereum’s on-chain infrastructure.
Chairman Andrew Keys emphasized that the company’s mission is to grow Ethereum’s capital base and reinforce its network. The Ether Machine was formed through a business combination between The Ether Reserve LLC and Dynamix Corporation.
SharpLink Acquires $66M ETH as Ethereum Dominates DeFi
Also, SharpLink Gaming has acquired 18,680 ETH worth $66.6 million, according to Arkham Intelligence data. Hence, its total Ethereum holdings are currently valued at approximately $1.8 billion.
As CoinGape reported, SharpLink had begun buying the dip from August 1, acquiring this ETH through Galaxy Digital OTC for its Ethereum treasury. The company is currently the second-largest public Ethereum holder, only behind BitMine.
David Walsworth, the new Enterprise Lead of the Ethereum Foundation, shared his views about the network in an X post. He explained why Ethereum is the liquidity layer for the internet of value.
According to him, 90% of real-world assets are now represented on Ethereum and its Layer 2 networks. He also stated that decentralized exchanges process over $170 billion in volume on Ethereum.
More than 60% of stablecoins also operate on Ethereum and its Layer 2 infrastructure. The DeFi ecosystem in Ethereum is nine times that of any other one.
Ethereum is unrivaled in terms of its decentralization and liquidity. Also, it has 10 years of uptime and up to 1.1 million validators. Hence, it is no surprise that many companies are seeking to own Ethereum treasuries.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
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