SharpLink bought the dip and added another $100M-worth of $ETH to its Ethereum treasury.
Arkham pointed out that the address that moved the $ETH already bought another $800M previously for SharpLink Gaming, with the latest transaction of $108.6M going to Galaxy Digital OTC.
Data from Strategic ETH Reserve places SharpLink Gaming second on the list of companies with the largest $ETH reserves, with 438.2K tokens. Bitmine Immersion Tech occupies the first spot with 625K $ETH, while the third place belongs to The Ether Machine with 334.8K coins.
According to the same data, 2.26% of the total $ETH supply is spread out between 63 strategic reserves, amounting to 2.73M coins with a value of $9.39B.
Institutional Interest for $ETH is Going Up as Bitmine’s Tom Lee Predicts a $60,000 $ETH
The data shows that public institutions show an increased interest in Ethereum, with some entities exhibiting aggressive buying strategies.
The Ether Machine is one such case, after adding 15,000 $ETH to their treasury recently at an average price of $3,809.97 for a total investment of $56.9M.
Moreover, the company also announced that they plan an additional $407M investment, which, if it goes through, would more than double Bitmine’s current $ETH reserves of 625K. As the company put it in their X post, this investment strategy isn’t about profit hunting:
‘We are just getting started. Our mandate is to accumulate, compound, and support ETH for the long term – not just as a financial asset, but as the backbone of a new internet economy.’
Bloomberg analyst, Eric Balchunas, also pointed out that Ethereum ETFs are experiencing a price surge, with massive inflows hitting the market.
Ethereum’s ETF inflows are currently outperforming Bitcoin, up 13% to Bitcoin’s 8% loss over the past two months.
This pro-ETH context, with Wall Street becoming increasingly more interested in the asset, drove Tom Lee, chairman of Bitmine, to put $ETH’s Estimated Value Potential (EVP) at $60,000+.
He also thinks that the ETH/BTC ratio is off right now and that it’s likely to match 2024’s numbers soon, which would force $ETH up to $5,707 in the near future.
With $ETH booming in charts and a bull run waiting to happen, ERC-20 projects like Best Wallet ($BEST) are likely to catch steam first.
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