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It's worth looking at companies that are piling up crypto, especially as there's momentum around those who are accumulating ETH.
You may know them as cryptocurrency companies, or, as you call Dan Smith of Blockworks Research, DATS (Digital Assets Treasury).
But regardless of label, they've grown big enough for many to notice. And we're not just talking about Michael Saylor's strategy.
The strategy (holds 628,946 BTC) has historically dominated trading volumes with companies in this segment, but this week we saw Bitmine Immersion (BMNR) overturn the company several times with its metrics.
Bitmine said Monday it owns $4.96 billion worth of ether. In other words, about five weeks after revealing its ETH accumulation plan, the company has the world's largest Ministry of Corporate Treasury. Bitmine's stated goal is to own 5% of its ETH supply.
Smith of Blockworks previously featured the daily increased volume of BMNR within a broader “flywheel.”
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Another big cryptocurrency company focusing on ether is Sharplink Games. It is one that has Ethereum co-founder Josefulvin as a board chair.
ETH Treasury companies currently own nearly 2% of all ETH. This is up from about 0.5% a month ago. It's not the percentage held by Bitcoin finance companies (mostly MSTRs), but it's approaching.
To be clear, the market capitalization of companies building ETH finances is approximately 11% ($107.6 billion to $12.7 billion) of companies with a BTC purchase strategy.
Benchmark analyst Mark Palmer said he views the recent volume surge in companies focused on the ETH Treasury as “mainly a new entrant phenomenon.”
“The Treasury is focusing on other cryptocurrencies and we look forward to seeing a similar surge in trading volume as it starts to attract investors' attention and attract investors' attention,” he said.
In this newsletter, I mentioned companies trying to accumulate crypto assets beyond BTC and ETH (i.e. Solana, BNB, SUI, hype).
The growing number of these types of companies has spurred skepticism. Some say that not everything will continue. In particular, they are targeting non-differentiated counterfeit products or targeting tested assets. Felix discussed the company's space, the company's space on stage, with unauthorized IV, and the Empire Podcast crew also measured the space a lot (see here and here).
