This is a segment from the Forward Guidance newsletter. To read full editions, <\/em>subscribe<\/em><\/a>.<\/em><\/p>\n It\u2019s worth taking another look at those corporations hoarding crypto \u2014 particularly as we see momentum around the ones accumulating ETH.\u00a0<\/p>\n You may know them as crypto treasury companies or, as Blockworks Research\u2019s Dan Smith calls them: DATs (digital asset treasuries).\u00a0<\/p>\n But no matter the label, they\u2019ve grown big enough for many to notice \u2014 and we\u2019re not just talking about Michael Saylor\u2019s Strategy.\u00a0\u00a0<\/p>\n Though Strategy (holding 628,946 BTC) has historically dominated trading volumes in this segment of companies, we saw BitMine Immersion (BMNR) eclipse the firm on that metric a few times this week.<\/p>\n <\/span><\/span><\/p>\n BitMine said Monday it held $4.96 billion worth of ether. That means that roughly five weeks after revealing its ETH accumulation plans, the company has the world\u2019s largest corporate ether treasury. BitMine\u2019s stated goal is to own 5% of the ETH supply.\u00a0<\/p>\n Blockworks\u2019 Smith previously addressed BMNR\u2019s rising daily volumes within a broader \u201cflywheel\u201d:<\/p>\n Another big crypto treasury firm focused on ether<\/a> is SharpLink Gaming. That\u2019s the one with Ethereum co-founder Joseph Lubin as its board chair.<\/p>\n ETH treasury companies now hold nearly 2% of all ETH \u2014 up from about 0.5% a month ago. Not quite the percentage bitcoin treasury companies (mostly MSTR) hold, but getting closer:<\/p>\n To be clear, the market cap of companies building ETH treasuries is only about 11% of those with BTC-buying strategies ($107.6 billion to $12.7 billion).\u00a0<\/p>\n Benchmark analyst Mark Palmer said he views the recent volume surge for ETH treasury-focused companies as \u201clargely a new-entrant phenomenon.\u201d<\/p>\n \u201cWe would expect treasury company launches focused on other cryptocurrencies to see similar surges in trading volume as they start to deploy the capital they have raised and attract investor attention,\u201d he told me.<\/p>\n We\u2019ve mentioned in this newsletter before about the firms looking to hoard crypto assets beyond BTC and ETH (i.e. solana, BNB, SUI and HYPE).\u00a0<\/p>\n The growing number<\/a> of these types of firms has spurred some skepticism. Not all will last, some say \u2014 particularly any copycats with no differentiation, or those targeting less tested assets. Felix discussed<\/a> this universe of companies on stage with industry executives at Permissionless IV, and the Empire podcast crew has also weighed in on the space plenty (see here<\/a> and here<\/a>).<\/p>\n The ongoing emergence of these models doesn\u2019t necessarily make the segment a bubble (at least in the classic sense), Palmer argued.\u00a0\u00a0<\/p>\n \u201cUnlike the dot-com era, when companies chased the same market with similar offerings, crypto treasury firms are taking siloed approaches in which a given firm focuses on a specific cryptocurrency and a single jurisdiction,\u201d he explained. \u201cOr it has a differentiated approach such as a franchise-based model aimed at accelerated token accumulation.\u201d<\/p>\n I\u2019ll be most interested to see the market cap growth of those focused on ETH (and other altcoins) relative to the BTC ones. Compared to Strategy, this segment\u2019s companies are rather young and small. We don\u2019t have to rush to judgment.\u00a0<\/p>\n Get the news in your inbox. Explore Blockworks newsletters:<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" This is a segment from the Forward Guidance newsletter. To read full editions, subscribe. It\u2019s worth taking another look at those corporations hoarding crypto \u2014 particularly as we see momentum around the ones accumulating ETH.\u00a0 You may know them as crypto treasury companies or, as Blockworks Research\u2019s Dan Smith calls them: DATs (digital asset treasuries).\u00a0 […]<\/p>\n","protected":false},"author":2,"featured_media":402270,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-402269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/402269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=402269"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/402269\/revisions"}],"predecessor-version":[{"id":402271,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/402269\/revisions\/402271"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/402270"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=402269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=402269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=402269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"\/](\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcaJF2uZ1jno3pcUZKcsPW1dOEEa4pIMDOVgRsondMOwXCAr0MFA1u0PrHDDYpJ_C0r-sPpwqr0JkPSNyCPOW8Zpp6xCCM7KG2OyKXIHn0hjWjchVrvBaNPbJ06s9X9PRuldLT5kQ?key=yr74Q2nUOtE3n6BBNbnCUg\")