ETFs are not the only popular product of Ethereum, and institutional interest in Ethereum is also accelerating through the “Ethereum Treasury”.
On June 2nd, SharpLink Gaming became the first US listed company to announce the inclusion of Ethereum in its treasury strategy. As numerous companies compete to include Bitcoin on their balance sheets, Joe Lubin, co-founder of Ethereum and founder and CEO of ConsenSys, joins the SharpLink Gaming board as chairman and leads the Ethereum Treasury strategy worth $425 million. Since the launch of the program, SharpLink has become the largest enterprise Ethereum holder, holding 360807 ETH and receiving a cumulative reward of 567 ETH through staking. In addition, the company seeks to increase its issuable common stock size from $1 billion to $5 billion in the SEC’s supplemental prospectus.
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At the same time, Bitcoin miner BitMine Immersion is also heavily betting on Ethereum, holding over 300000 ETH (worth over $1 billion). Our goal is to acquire and pledge 5% of the total supply of Ethereum, “said Tom Lee, the chairman and senior Wall Street figure. SharpLink and BitMine now hold more Ethereum than the Ethereum Foundation.
In addition, Cathie Wood’s ARK Invest recently sold significant holdings in Coinbase and Roblox, investing $182 million to increase its holdings in BitMine Immersion, and adjusted the BitMine allocation ratio to 1.5% in its three flagship ETFs. Billionaire Peter Thiel also holds 9.1% of BitMine’s shares. The newly established Ether Machine company will create a publicly traded entity that provides institutional level Ethereum infrastructure and revenue exposure by merging existing companies. It plans to go public on NASDAQ and hold over 400000 ETH.