The competition to accumulate ether as assets for the Treasury has intensified in more than 10 companies that have purchased 550,000 ETH, worth $1.65 billion in the last 30 days. Crypto entrepreneur Kyle Reidhead revealed this in X.
According to Reidhead, co-owner of Crypto Newsletter Milk Road, this highlights the massive demand for ether as more companies continue to head towards the ETH TREASURY Playbook.
The move to adopt ETH as a financial asset is inspired by the strategy they undertake with Bitcoin (previously micro-tactics). Over 100 companies have purchased BTC for the Ministry of Finance, while others have turned to other crypto assets, including ETH.
Reidhead said this is still in its early stages and that more companies are looking to get involved, but officials also want to buy more ETH. Therefore, he expects that the accumulation rate will only increase in the coming months.
He said:
“There are new $ETH financing companies that launch weekly (it still sounds like the biggest), and each company is about to buy more ETH than last week.
However, he admitted that demand would eventually slow down, but added that it would not come anytime soon given that the ETH Treasury is still in its early stages.
Reidhead also pointed out that ETH Treasury companies are not on sale, unlike exchange sales funds, at least for now, and expect to accumulate in ETH performance.
Sharplink has become the largest ETH holder after accumulation
Interestingly, the founder of Milk Road highlighted Sharplink Gaming as one of ETH’s biggest buyers, noting that he has bought 75,000 ETH in the last five days alone. Sharplink’s latest purchases continue to make it the biggest ETH owner.
The company, which became an ETH Treasury company in early June, has already spent more than $700 million on Ether purchases within two months. That latest purchase was 24,371 ETH, which I bought from Coinbase Prime for $73 million 24 hours ago.
Purchase the latest ETH from Sharplink (source: Onchain lens).
With its accumulation, Sharplink Eth Holdings is currently above 290,000 ETH, enough to flip the Ethereum Foundation as the largest ether holder. The foundation has approximately 242,000 ETH and has recently sold 10,000 ETH to Sharplink.
Sharplink, on the other hand, is not the only company in the accumulation of ETH. He also buys Bitmine Immersion, and the company owns over 163,000 ETH, but former Bitdigital, a former Bitcoin miner, has over 100,000 ETH after converting Bitcoin to ETH.
Interestingly, there is a healthy competition between the top Treasury ministries of ETH Treasury, and executives of those companies seem to praise each other’s accumulation rates.
Sharplink Chairman Joe Lubin described the group as “an extraordinary league of ETH accumulator gentlemen,” praised Bitmine’s Tom Lee, Bit Digital’s San Tabar, and BTCS’s Charles Allen. He added that competition and coordination between businesses will strengthen and improve them.
ETH slips 2% and falls below $3K again
Meanwhile, combined with market-wide gatherings, the massive accumulation rate of ETH has affected ether performance, with tokens exceeding $3,000 twice in the past few days.
It’s below $3,000 on both occasions, but a recent 2% drop has traded $2,972, but there are positive signs that it will quickly recover and find support beyond that price level.
Over the past seven days, ETH has risen by more than 16%, with turnarounds being more obvious in the long run, showing a 90% increase over the past three months. However, at the beginning of this year it is still 11% below the price.