The trend of the corporate accumulation of Ether (ETH), the cryptocurrency of the Ethereum Network, is in full swing, with companies acquiring ETH in a massive way.
Currently, ETH institutional holdings exceed 2.31 million units, which is equivalent to 8,510 million dollars at the current market price. This volume is guarded by 61 entities, according to data of the Strategic Eth Reserve portal.
Bitmine Immersion Technologies advertisement This Thursday the acquisition of 566,776 ETH, valued at 2,090 million dollars. The company closed a private placement of 250 million dollars on July 8 and, just 16 days later, It reached its partial goal of exceeding 2,000 million dollars in ETH in custody. The purchase was confirmed on July 23 at 11:59 PM ET, with an average price of $ 3,643.75 per unit.
With this operation, Bitmine is positioned as the largest institutional holder of ETHsurpassing Sharplink Gaming, which keeps 360,800 ETH in its treasury, valued at approximately 1,330 million dollars. Behind both companies is the Ethereum Foundation, with a total of 237,500 ETH equivalent to 875 million.
In the following image of appreciate the top 5 of corporate entities that accumulate Ether:
Thomas Lee, president of the Board of Directors of Bitmine and representative of Fundstrat, said that The company is aimed at its goal of acquiring and maintaining 5% of ETH total supply. The strategy includes reinvestment of cash flow, use of capital markets to take advantage of volatility, staking performance and asset valuation.
The CEO of Bitmine, Jonathan Bates, said the company maintains its commitment to the growth of the Ethereum ecosystem and will continue with its focus focused on Treasury of Digital Assets. This model, described as a “light asset” strategy, seeks operational efficiency and progressive accumulation of ETH.
Both Bitmine and Sharplink Gaming have been references in the corporate movement towards the adoption of Ethereum. Both companies far exceed the reserves of the founding organization of the Network, which marks a change of symbolic leadership in the “economic governance” of ETH.
This phenomenon coincides with the rise of bullish expectations for Ether. Analysts such as Eric Jackson and Arthur Hayes have projected that the ETH price could reach $ 10,000 before the end of the year. For its part, Gert Van Lagen has suggested that the asset could quote up to $ 18,000 in the medium term, as reported by cryptootics.
