Standard Chartered Bank has projected that corporate treasury companies could eventually hold 10% of the total Ethereum (ETH) supply, marking a potential tenfold increase from current levels. Institutions have already acquired about 1% of all ETH within the past two months, with some approaching 2%. Leading treasury holders include BitMine with over 566,000 ETH, SharpLink Gaming with more than 438,000 ETH, and Coinbase holding approximately 137,000 ETH. SharpLink Gaming, a publicly traded company, has been actively increasing its Ethereum holdings, recently adding 15,822 ETH valued at around $54 million, contributing to a strategic Ethereum reserve that has surged from $200 million in April to $10 billion in four months. Additionally, the U.S. Securities and Exchange Commission (SEC) has acknowledged BlackRock's filing to permit staking for its spot Ethereum ETF, a development that could further influence institutional investment in Ethereum. Other market movements include the SEC approving in-kind redemptions for spot Bitcoin and Ethereum ETFs, and several firms, including Invesco Galaxy and VanEck, filing for Solana (SOL) ETFs.
Good teams throw away far more product than they keep.
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Just in: Cathie Wood's ARK Invest buys over $54M in crypto stocks, including $35.8M in $COIN and $18.73M in $BMNR. Meanwhile, ARK trims its stake in $RBLX by selling 353,530 shares worth $48.71M.