The two companies, BitMine and SharpLink, are accelerating their purchases of Ethereum, intensifying the corporate buying trend. Their ETH reserve strategies coincide with Ethereum prices approaching historical highs.
The Bitcoin mining company BitMine plans to raise $24.5 billion through a new stock issuance to purchase ETH, as per filings with the U.S. Securities and Exchange Commission.
On the same day, the cryptocurrency company SharpLink completed a $389 million financing, which will mainly be used to purchase ETH, with part of the funds also allocated for general company operations.
BitMine holds 1.2 billion ETH, valued at $5 billion, making it the largest corporate holder of Ethereum, while SharpLink holds 598,000 ETH, valued at $2.64 billion.
BitMine plans to acquire 5% of the Ethereum supply.
Ethereum prices are driven close to historical highs by corporate adoption.
Companies and publicly listed enterprises are gradually adopting Ethereum as a secondary reserve asset; in the past week, ETH prices rose by 21%, reaching $4408.
Ethereum's price is only 9% away from its previous historical high of $4900.
With the growing interest in the tokenization of physical assets, investor interest in Ethereum as a reserve asset has been reignited.
According to Standard Chartered Bank's forecast, Ethereum financial companies may hold up to 10% of the total ETH supply in the long term.
