Ether Treasuries Climb To $13 Billion As Price Breaks $4300

Authored by Exra Reguerra via CoinTelegraph.com,

The total Ether held by companies with crypto treasuries has risen to 3.04 million ETH, worth $13 billion, as the cryptocurrency’s price surged past $4,300.

On Monday, Ether climbed to $4,332, surging by 20.4% in the last seven days, according to CoinGecko.

At the time of writing, ETH had dropped slightly and was sitting at $4,290.

The ETH rally is fueled by companies increasing their holdings in the last 30 days.

BitMine Immersion Technologies, which tops the list of ETH treasury holders, boosted its holdings to 833,100 ETH, a 410.68% jump in the amount of ETH it holds over the past 30 days.

[ZH: Update – BitMine on Monday announced that it held a total of 1.15 million ETH as of Aug. 10, making the company the largest ETH treasury in the world. The company’s total ETH holdings value was reported at $4.96 billion, up from $2.9 billion reported a week earlier.

“In just a week, BitMine increased its ETH holdings by $2.0 billion to $4.96 billion (from 833,137 to 1.15 million tokens), lightning speed in the company’s pursuit of the ‘alchemy of 5%’ of ETH,” said Fundstrat’s Tom Lee, who was recently appointed chairman of BitMine’s board.]

SharpLink Gaming followed with 521,900 ETH after boosting its treasury by 141.69% in the same time period, while The Ether Machine has grown its stack by 8.01% to 345,400 ETH.

These three entities accounted for more than half of the ETH held by the top 10 ETH treasury companies, which had a combined 2.63 million ETH, about 2.63% of the asset’s total supply.

Top 10 entities holding Ether. Source: Strategic ETH Reserve

Top 10 ETH treasury entities hold over $11.3 billion

The week’s price surge pushed the value of corporate ETH holdings sharply higher.

Last Monday, BitMine bought 208,137 ETH, putting its holdings at 833,100 ETH. At the time, the assets were worth about $2.9 billion as ETH hovered around $3,700.

With ETH trading at around $4,300, BitMine’s holdings are now worth over $3.58 billion, making it the first company to hold more than $3 billion in ETH.

On Tuesday, digital asset investment firm SharpLink boosted its holdings to 521,900 ETH after an 83,562 ETH purchase.

At the time, SharpLink’s holdings were worth about $1.91 billion. With ETH’s prices surging past $4,300, the company’s ETH is now worth over $2.23 billion.

ETH treasury data tracker Strategic ETH Reserve (SER) showed that SharpLink Gaming has over $671 million in unrealized gains from its Ether investments.

On Aug. 3, The Ether Machine bought 15,000 ETH, coinciding with Ethereum’s 10th anniversary. According to SER data, it added another 10,600 ETH to its treasury on Sunday. It now holds 345,362 ETH worth almost $1.5 billion, keeping it in the top three by holdings.

Apart from the top companies, smaller purchases were also made last week. On Friday, the HashKey exchange announced that Hong Kong-listed IVD Medical purchased HK$149 million (about $19 million) in ETH from the trading platform. However, the actual ETH amount was not disclosed.

Overall, SER data shows that 64 treasury companies that hold ETH have a total of 3.04 million ETH, worth over $13 billion at current market prices.

Number of ETH held by treasury companies. Source: Strategic ETH Reserve

Ethereum market cap overtakes Mastercard

It came as Ethereum’s market capitalization soared to $523 billion on Monday, boosted by a 21% rally in Ether over the past seven days to cross the $4,000 milestone. It was trading at $4,332 at publication.

Ether’s market cap overtook payments giant Mastercard, which currently has a market capitalization of $519 billion, according to CompaniesMarketCap.

More than 304,000 ETH, worth over $1.3 billion, was added by publicly traded companies that have Ether treasuries in the past week, CoinGecko reported on Saturday.

BitMine Immersion Technologies bought the lion’s share of ETH, as the company bought more than 208,000 ETH, worth more than $900 million, in the past week, which was followed by SharpLink Gaming buying $303 million worth of Ether.

Alongside, Ether Treasury demand, ETH ETF inflows have surged once again…

Analysts bullish on ETH’s price action

Technical analysts have also turned bullish on Ether, with some predicting that the asset might reach as high as the $20,000 mark for the first time in the coming months.

Analyst Nilesh Verma said that ETH can hit the $20,000 milestone in the next six to eight months based on historical price fractals.

Meanwhile, Merlijn The Trader, a technical analyst, predicted that the asset might surpass $20,000 and may even go beyond that mark.

On the flip side, some industry experts are cautioning investors.

Ethereum co-founder Vitalik Buterin supported companies that are buying Ether to hold in their respective treasuries; however, he cautioned that it should not turn into an “overleveraged game,” which could lead to the downfall of the asset.