Public Companies Race To Buy Ethereum As Price Rallies | US Crypto News
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Grab a coffee and catch up on the seismic shift in crypto treasuries as top publicly listed firms ditch Bitcoin (BTC) for Ethereum (ETH).
Crypto News of the Day: Public Firms Supercharge Ethereum with Over $1.5 Billion in New HoldingsA growing number of publicly listed companies are driving a major capital migration into Ethereum. This portfolio repurposing fuels renewed momentum behind the world’s second-largest cryptocurrency by market cap.
According to data on TradingView, Ethereum’s total market capitalization surged past $420 billion on Thursday, July 17, before a pullback.
With this, the largest altcoin by market cap metrics retested levels last seen on January 18, amid hype around President Trump’s second-term inauguration.
Trump's inauguration speech:
"Today we are announcing the strategic crypto reserve of America, with many great crypto currencies, the best currencies, we will have Bitcoin and Ethereum, oh yes, we like Ethereum very much, don't we Eric?" pic.twitter.com/akOdPFl04A
This time, however, the surge in Ethereum market cap draws tailwinds from bold treasury decisions by firms like BTC Digital Ltd (BTCT), BitMine Immersion (BMNR), and Bit Digital (BTBT), among others.
BTC Digital Ltd, also known as BTCT, formally announced a full strategic pivot away from Bitcoin. The firm revealed it would convert all existing and future Bitcoin holdings into ETH as part of a new growth strategy centered on Ethereum.
“Closed a $6 million financing round and added a new $1 million ETH position…by reallocating our digital reserve strategy toward ETH, we are positioning BTCT at the forefront of next generation on chain finance,” read an excerpt in a July 17 press release, which cited BTCT CEO Mr. Siguang Peng.
Elsewhere, BitMine Immersion reported Ethereum and ETH-equivalent holdings exceeding $1 billion. According to the firm, this is more than 300% above its initial $250 million private placement.
BitMine Immersion Targets 5% of Ethereum SupplyAccording to BitMine’s official release, the company now holds 300,657 ETH at $3,461.89 per Ethereum token, making it one of the largest corporate ETH treasuries in the world.
“Acquiring $1 billion of ETH is a clear signal of our conviction in Ethereum’s long-term value,” an official press release stated, citing Jonathan Bates, CEO of BitMine.
Echoing this sentiment, BitMine Chairman Tom Lee of Fundstrat said the firm was on the ramp to acquiring and staking 5% of the overall ETH supply.
Bitmine increased ETH holdings to $1 billion