Ethereum-based micro-strategies have sprung up like mushrooms after rain. According to the data on Ethereum's strategic reserves, currently, 61 strategic reserves hold 2.31 million Ether, accounting for 1.91% of the total supply, worth $8.46 billion.
In contrast, a total of 206 companies hold over 3.4 million Bitcoins, worth over $40.8 billion, accounting for 16.5% of the total supply.
Tom Lee, chairman of the BitMine board, stated that the company aims to acquire and hold at least 5% of the total supply of Ether, which is more than 6 million Ether.
As mentioned earlier, the decoupling of Bitcoin and Ethereum's price trends in 2024 is largely due to enterprise-level purchasing of Bitcoin. Last year, companies led by MicroStrategy frequently bought Bitcoin as a long-term asset, with little heard about purchasing Ethereum.
The situation has changed significantly since May of this year. After a slow rise in the price of Ethereum, more and more companies began to purchase Ethereum as a reserve asset.
The underlying reason is obvious: to boost the company’s stock price. By adding Bitcoin and Ethereum to the company’s reserve assets, this goal can be easily achieved.
A few days after announcing the plan to purchase Ether, Bitmine's stock (BMNR) surged over 3,000%, reaching an all-time high of $135 on July 3.
Meanwhile, after announcing the transformation of Ether on May 27, the stock price of SharpLink Gaming (SBET) skyrocketed by 171%, trading at $79.21.
Such companies are also seen by the market as a desperate move for survival. SBET was originally a poorly managed online tech company, but by adding Ethereum to its balance sheet, it gained market attention. While it may not turn danger into safety, at least there is hope for transformation, which is quite miraculous.
Putting aside whether these imitators of micro-strategies can create miracles again, it is definitely a positive development for Ethereum. Ethereum will gain continuous corporate liquidity similar to Bitcoin, which is beneficial for its long-term development. The trends of Ethereum and Bitcoin are likely to converge again, as Ethereum has already fallen too far behind and has the potential to catch up.
The common feature of these companies is that they raise funds by selling company shares or issuing new shares to purchase Ethereum, and then enhance the company's value through the purchased Ethereum. Regardless of the form, the beneficiaries are definitely the holders of Ethereum, as they will continuously purchase Ethereum.