Move Over, Bitcoin — Ethereum Is the Next Hot Treasury Asset
As the world’s second-largest crypto, ethereum has long operated bitcoin’s shadow.
Now, it’s getting a moment in the spotlight as companies look for new crypto treasury plays beyond the world’s largest token. Ether treasury companies are now adding the coin to their balance sheets as a strategic reserve asset.
Crypto mining company BitMine Immersion Technologies announced plans to add ethereum to its balance sheet in late June. It’s blown past its initial commitment of $250 million and now holds over $1 billion in Ethereum.
Investors are loving it. Venture capitalist Peter Thiel, and more recently, Cathie Wood of Ark Invest, have invested in BitMine. The stock is up over 480% year-to-date despite not being…
