Firms are raising capital, buying Ether, and betting their share prices will rise.
But as the momentum builds, one question looms: is there a lasting investor appetite for Ethereum treasuries?
Not among institutions, reckons Matthew Sigel, head of digital assets at VanEck.
“Not yet, but maybe that’s where the opportunity is,” he said on a recent episode of The Mining Pod.
What began with Michael Saylor’s Bitcoin-hodling firm, Strategy, has now spread to Ethereum and other cryptocurrencies.
$1.3 billion
The most aggressive entrant so far is SharpLink Gaming, an online casino platform that is betting its balance sheet on Ether.
Over the last few weeks, the company has amassed more than $1.3 billion worth of Ether as it buys “tens of millions of dollars” daily, according to Joe Lubin, the CEO of Consensys and Ethereum co-founder,who recently became the firm’s chairman.
SharpLink and BitMine Immersion Technologies — a little known Bitcoin miner turned Ethereum treasury — are trading at nearly double the value of their Ether holdings.