Ethereum-backed stocks are booming – Here’s what’s fueling the surge

Key Points

1. Ethereum-backed stocks surged double-digit percentages on July 2nd, with ETH itself up 8.1%.

2. Companies like BitMine Immersion Technologies and SharpLink Gaming announced shifts to Ethereum as a primary reserve asset, leading to stock price increases of 27.17% and 28% respectively.

3. Bit Digital exited Bitcoin mining to focus on Ethereum, raising $162.9 million to purchase ETH, resulting in a 13.85% stock increase.

4. Devin Ryan of Citizens attributed the surge to emerging real-world use cases for Ethereum, highlighting growing adoption and new applications of digital assets.

5. Ethereum spot ETFs saw $40.7 million in inflows, with June showing strong performance, contrasting with Bitcoin's end to a 15-day positive flow streak.