Mentioned:
SBET -9.44% GLXY -11.51% ETHM +0.09% BTBT -11.62%
The traditional public markets are going all in on Ethereum. But, why?
What’s happening:
- Multiple publicly traded companies and ETFs have been purchasing Ethereum at a blistering pace lately, which has caused the price of Ethereum to begin to surge
Why it matters:
- Ethereum has come into focus recently following the historic signing of the GENIUS Act by President Donald Trump, which creates a clear federal regulatory framework for stablecoins in the United States of America for the first time ever and positions Ethereum as one of the most important blockchains for stablecoin transactions
Who is making moves:
- BlackRock’s iShares Ethereum Trust ETF (NASDAQ: ETHA) has surpassed $10B USD in assets under management, which makes it the third fastest ETF to ever reach $10B USD
- Sharplink Gaming (NASDAQ: SBET) has been rapidly purchasing Ethereum to hold directly as an asset, including the first ever direct purchase of Ethereum tokens from the Ethereum Foundation
- BitMine Immersion Technologies (NYSE: BMNR) raised a $250M USD equity financing round for the sole purpose of buying Ethereum, which was notably led by Peter Thiel’s Founders Fund, Pantera Capital and Galaxy Digital (NASDAQ: GLXY)
Going deeper:
- The Ether Machine just recently announced a new SPAC deal with Dynamix Corporation (NASDAQ: DYNX) which comes with $1.5B USD of committed capital to begin buying and staking Ethereum
The intrigue:
- Bit Digital (NASDAQ: BTBT) also recently made waves when they announced they will sell all of their Bitcoin mining operations to focus solely on Ethereum accumulation and spin out their high performance computing division as its own publicly listed company
