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Ethereum passes $4,300, making nearly all ethereum addresses profitable

BitMine Immersion Technologies becomes the first ethereum treasury strategy to surpass $5 billion in token holdings, while Sharplink Gaming announces a $400 million raise.

Sage D. Young

Ethereum’s rally continues. 

The cryptocurrency has increased more than 18% in the last seven days to break through the $4,300 level, outpacing bitcoin, XRP, and solana. The last time the price of ethereum hovered around the $4,300 mark was in 2021, the same year the token set its all-time high of $4,878, data from CoinGecko shows. 

97% of ethereum addresses are currently in the green, according to data from analytics firm Sentora. 

The two largest ethereum treasury firms, BitMine Immersion Technologies and SharpLink Gaming, made two announcements to start the week, helping boost the price of the cryptocurrency and their respective shares. 

BitMine’s holdings of ethereum increased by $2 billion since last week’s press release, bringing its total to about $5 billion or 1,150,263 tokens, a public statement reported.

SharpLink Gaming, which expects its ethereum holdings to exceed $3 billion, announced entering into a securities purchase agreement for $400 million. Since August, the firm has raised nearly $900 million. “The speed and scale of these investments reflect not only investor trust in SharpLink, but also the growing recognition of Ethereum’s transformative potential,” SharpLink co-CEO Joseph Chalom said in a press release. 

Shares of Bitmine have jumped about 26% on the day, while SharpLink Gaming stock has risen nearly 10%.

In other developments: 

  • Fundamental Global, which filed an S-3 registration statement with the SEC last week to sell $5 billion worth of securities, announced officially starting its ethereum acquisition strategy by accumulating 47,331 tokens for $206 million, according to a press release. Its shares soared on the news.

  • US spot ethereum ETFs recorded their 13th straight week of inflows last week with $326.8 million, boosting cumulative inflows to more than $9.8 billion, per SoSoValue. Last week’s positive inflows reversed the investment vehicle’s largest daily outflow on August 3.

  • The price action has also uplifted the network’s economic security, a product of its token value and total number of staked ethereum tokens, to a new all-time high exceeding $150 billion, per a Dune Analytics dashboard created by Hildobby, a data scientist at venture capital firm Dragonfly. 

  • Meanwhile, chief investment officer and cofounder of investment fund Maelstrom Arthur Hayes entered the fray of whales buying ethereum. An address, identified as belonging to Hayes by data analytics platform Nansen, has scooped up 1,750 ethereum tokens worth about $7.5 million since Saturday. The wallet’s total portfolio stands at $24.3 million. 

  • However, not everyone is buying. An address that participated in ethereum’s initial coin offering deposited about $10 million into centralized exchange Kraken on Sunday, per blockchain data analytics provider Lookonchain.

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Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter. 

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows. 

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

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The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

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SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework. 

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

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