Today, we are witnessing a recovery in the stocks of companies holding Ethereum treasuries. Active ETH purchases have spurred price increases and improved investor sentiment.
Rise of ETH Treasury Stocks
On July 24, substantial bullish sentiment was recorded in the stocks of Ethereum treasury companies, leading to a recovery from earlier selloff. Bitmine Immersion Technologies (BMNR) became the largest corporate holder of ETH, with its stock price jumping over 10% to $43.74.
BitMine's ETH Acquisitions
BitMine Immersion Technologies announced that its total ETH holdings have increased to 566,776 ETH, valued at over $2 billion. CEO Tom Lee stated, "We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply." Additionally, GameSquare Holdings announced the purchase of the significant digital asset, CryptoPunk #5577.
Ethereum Price Recovery
The price of Ethereum jumped 4% in response to recent purchases by treasury companies. At the time of writing, the price was at $3,657, with trading volume also increasing by 3% in the last 24 hours.
These developments highlight a shift in market sentiment for Ethereum and may signal further price growth for the cryptocurrency. Investor interest in Ethereum remains high.
