Ethereum is gaining attention from institutional investors: since May 2023, its reserves in public companies have sharply increased. Analysis indicates that 240,000 ETH is now held by five firms.
Analysis of ETH Reserves among Public Companies
SharpLink Gaming holds the leading position with 198,167 ETH, worth over $507 million. It is followed by Bit Digital and BTCS, which together control over $600 million in Ethereum. This increase in reserves indicates a strategic shift of capital from Bitcoin to Ethereum.
Bit Digital Exits Bitcoin Mining
Bit Digital, listed on Nasdaq, has decided to halt Bitcoin mining and focus exclusively on Ethereum staking. The company raised $162.9 million and plans to convert 417 BTC into ETH. It currently holds over 27,600 ETH valued at over $70 million. The CEO of Bit Digital stated, 'We want to be the ETH company,' emphasizing the complete pivot towards Ethereum.
Rising Inflows and Declining Fees for Ethereum
Ethereum saw the highest inflows in the past month, attracting over $9.7 billion with net inflows exceeding $1.3 billion in the last week alone, far surpassing other blockchains. This confirms increasing investor interest and institutional involvement. Additionally, Ethereum's transaction fees declined by 71% year-over-year to just $0.10 per transaction.
Large ETH reserves, increased capital inflows, and reduced fees strengthen Ethereum's position as an appealing asset for institutional investors. Over time, large companies' reserves are becoming a significant market force.
