Crypto Treasury Firms Promise $7.8B Buying Spree
Crypto treasury firms have begun moves to buy over $7.8 billion worth of cryptocurrencies this week, in possibly one of the biggest corporate crypto grabs in recent history — particularly for altcoins.
Cointelegraph analyzed 16 company statements since Monday, which either announced a plan to buy or raise money for crypto. Ether (ETH) was the hottest target.
At least five public companies have bought or have promised to purchase over $3 billion worth of ETH, which is around 45 times more than the amount of ETH issued in the past week.
The so-called crypto treasury companies are the latest Wall Street fad as traditional financiers, often restricted from being able to directly buy crypto or related exchange-traded products, look to gain…
