Ethereum treasuries surpass $10 billion in their stockpiles

Ethereum, which celebrated its 10th birthday yesterday, continues to be on a roll. This week, the total value of ethereum held by treasury companies — a fairly recent phenomenon — surpassed $10 billion for the first time, according to StrategicETHReserve. Ethereum is up 5% this week.

Geoff Kendrick, global head of digital assets research at Standard Chartered Bank, wrote in a note that these treasury companies “make more sense than their bitcoin equivalents due to staking yield, DeFi leverage.”

He said, “We expect ETH treasury companies to eventually own 10% of all ETH, a 10x increase from here.”

Some of the bigger additions that pushed the treasuries to the new milestone:

• BitMine Immersion Technologies announced it now holds 625,000 ethereum. Peter Thiel recently bought a 9.1% stake in the company.

• SharpLink Gaming acquired 77,209.58 ethereum, increasing its holdings to 438,190.

• Newly formed public company The Ether Machine announced its subsidiary, The Ether Reserve, acquired nearly 15,000 ethereum, “timed to coincide with Ethereum’s 10-year anniversary,” according to a press release. The company now holds 334,757 ethereum and says it has up to $407 million remaining to purchase more.

• BTCS acquired 14,240, bringing its total holdings to 70,028 ethereum.

Finally, Nasdaq-listed 180 Life Sciences Corp. announced it will adopt an ethereum treasury policy and has entered into a $425 million PIPE agreement to fund. Upon closing, the company will rebrand to ETHZilla Corporation.