The trend toward corporate crypto treasuries has accelerated significantly in recent months, to the point where it no longer concerns Bitcoin alone. This is an opportunity for Ethereum to rekindle investor enthusiasm by announcing a potential total investment of $27 billion.
Ethereum treasuries continue to buy more Ether
The adoption of cryptocurrencies by traditional financial and economic sectors has accelerated at an unprecedented rate since the beginning of the year. The main demonstration of this interconnection is undoubtedly the proliferation of corporate crypto treasuries, which are now open to the altcoin market.
This situation is clearly favorable to Ethereum, since the arrival of numerous projects of this type determined to accumulate as much ETH as possible. This race has already resulted in these companies holding a significant share of the supply, to the point where they could quickly reach a 10% share, according to analysts at Standard Chartered.
This is an opportunity for crypto analyst Milk Road to take stock of the X network. This is a difficult exercise, given the constant evolution of these Ether stocks, but it highlights the strong buying pressure imposed by Bitmine (BMNR), which recently became the first of its kind to exceed 1 million ETH.
According to data published by Milk Road analysis, Bitmine alone is now worth more than $20.5 billion in ETH cryptocurrencies. This is significantly more than its direct competitors SharpLink Gaming ($4.1 billion) and BTCS ($1.8 billion).
Bitmine establishes itself as the industry leader
However, the data published by Milk Road should be taken with a grain of salt. A significant portion of the capital reported as available to Bitmine still appears as “unallocated.” Its plan to raise an additional $2 billion to bolster its Ethereum cash position earlier this week has yet to materialize.
In any case, data from blockchain monitoring site Arkham Intelligence reports new purchases, the latest of which involves a total of $280 million in Ether. This transaction brings Bitmine’s total holdings to 1.17 million ETH, estimated at over $5 billion.
At the same time, analyst Milk Road is telling crypto investors to start “forgetting about memecoins.” He believes that “companies with cash in ETH are currently the hottest investment” in the sector. And the amount of Ether held does not necessarily allow us to estimate the best candidate. According to his estimates, the key point to consider is the amount of ETH cryptocurrency held in relation to the market capitalization of the company concerned. In this case, BTCS “currently has the lowest premium among the top five companies with Ethereum cash holdings.” This would make it the most attractive option at present.
