Ethereum Gains Favor as a Corporate Treasury Asset Beyond Bitcoin

BitMine Immersion holds over $1 billion in Ethereum after going public in June. Bit Digital fully converted its treasury to ETH, while Coinbase holds over $440 million in Ethereum. WisdomTree and Fidelity filed SEC applications for in-kind ETH and BTC redemptions. A new trend is taking hold in corporate finance whereby companies are adding Ethereum (ETH) to their balance sheets. The move expands the use of digital assets in corporate treasuries beyond just Bitcoin (BTC), as firms increasingly seek exposure to blockchain infrastructure and decentralized systems BitMine Immersion Technologies (BMNR), chaired by Fundstrat’s Tom Lee, holds over $1 billion in ETH. The firm went public on June 5. CEO Jonathan Bates said, “Acquiring $1 billion of ETH is a clear signal of our conviction in Ethereum’s long-term value.” Coinbase (COIN) holds more than $440 million in ETH, based on CoinGecko data. In 2021, Coinbase became the first public company to confirm Ethereum on its balance sheet. The company said it expected more firms to follow. The new strategy backed by strong ETH rally Ethereum gained 60% in the past month, trading near $3,800. This is its highe… The post Ethereum Gains Favor as a Corporate Treasury Asset Beyond Bitcoin appeared first on Coin Edition .

Source: Coin Edition