Ethereum has surged 5.9% this trading day to $3,155, representing the largest intraday gain since February. This follows a broader strengthening, with the cryptocurrency rising 20.1% over the past seven days. According to CoinGecko, the price has reached its highest level since early February, leading to $85.4 million in short positions liquidated within the last 24 hours.
Several publicly traded companies have significantly increased their Ethereum holdings in recent weeks, driving this price appreciation. SharpLink Gaming revealed on Tuesday that it acquired $225 million worth of ETH to date. This Minneapolis-based company, which pivoted operations toward stockpiling ETH in May after raising $425 million, reported its co-founder Stefan Romanov on Tuesday.
Romanov stressed the strategic commitment to the asset, highlighting: “This is not a financial gambling bet but a long-term strategic investment aligned with the future of finance.” SharpLink’s acquisition campaign has made it the largest Ethereum treasury held by a publicly traded company. Its latest ETH accumulation brings its total treasury to 280,000 ETH, valued at approximately $884 million. Consequently, SharpLink’s stock (SBET) has soared over 1,000% since adopting its crypto-focused strategy last May.
Separately, BitMine Immersion Technologies announced in late June its intention to accumulate Ethereum after raising $250 million and welcoming Tom Lee, founder of Fundstrat, to its board. Since then, the company has reportedly acquired over $500 million worth of ETH. As shown by TradingView data, BitMine’s stock (BMNR) has tripled since its first Ethereum purchase. Peter Thiel’s Founders Fund recently secured a significant minority position, acquiring a 9.1% stake.
Bit Digital announced earlier this month plans to wind down its cryptocurrency mining operations in favor of “Ethereum-native treasury and staking strategies.” Last week, the company transitioned its entire cryptocurrency treasury to Ethereum, adding 100,603 ETH valued at approximately $316 million. This push continued this week with Bit Digital allocating $67.3 million proceeds from a secondary stock offering specifically to purchase additional Ethereum.
Analysts suggest these large treasury allocations by traditional firms represent a significant catalyst for Ethereum value appreciation. Kevin Rusher, founder of borrowing and lending platform RAAC, commented: “Rather than just a speculative instrument, ETH is becoming a yield-bearing, programmable financial asset that institutions view as a store of value. This is a really important factor for ETH price, as treasury allocations reduce circulating supply and signal long-term confidence.”
This trend marks a widening of MicroStrategy’s influence on the market. Most recently, First NBC News identified between eight and twelve US cannabis firms using such higher-level accretive insourcing and refocus tactics.
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