These Altcoins are Seeing Huge Corporate Treasury Investments
Several companies have continued building altcoin treasuries this week, particularly focusing on Solana and Ethereum. Both these tokens are seeing intensified corporate interest as the market diversifies.
GameSquare spent $10 million on ETH today after revealing $200 million in holdings over the weekend, while Bitmine stockpiled over $2.9 billion worth. Meanwhile, SOL is also becoming popular, with market leaders and new investors.
Altcoins Are Filling Corporate TreasuriesCorporate Bitcoin acquisition has turned into a worldwide phenomenon in the last few months, but this market might be getting saturated.
Instead, various firms have begun turning to altcoins for their treasury strategies, picking a more diverse range of assets. Based on today’s newest reports, Ethereum is still a popular choice:
GameSquare has purchased an additional 2,717 of Ethereum for $10 million, increasing treasury holdings to 15,630.07 ETH.
The board also authorized a stock buyback program, funded through net proceeds generated by the onchain yield platform. Onchain yield strategy with… pic.twitter.com/dU4O8eZAKz
Ethereum has risen as a popular corporate investment choice in the last couple of weeks. ETH ETF inflows surpassed Bitcoin-based products in July, and private treasuries are buying tons of the altcoin.
GameSquare committed $200 million over the weekend, and today’s $10 million investment shows a continued high confidence.
Additionally, Bitmine became the world’s largest Ethereum treasury today, holding over $2.9 billion of the asset. The Ether Machine, too, spent $40 million on ETH. All around, enthusiasm for this token is quite high in the corporate world.
Meanwhile, Verb Technology, a Nasdaq-listed firm based in Nevada, announced today a $558 million investment to purchase TON. This is likely the first time a public company has added Toncoin to its corporate treasury.
However, Solana is emerging as the new favorite after Bitcoin.
Could Solana Become the New Favorite?DeFi Development has aimed to become “Solana’s MicroStrategy,” announcing $100 million in investment at the beginning of July, hitting further milestones throughout the month.
Today, it crossed the $200 million threshold, making it a major SOL purchaser. Artelo Biosciences also became the first pharmaceutical firm to build a SOL reserve today, further showing its rise.
1/ Today, we announce that we've grown our holdings by 110,466 $SOL, bringing our total balance to 1,293,562 SOL (~$209M)! 