Ethereum Gains Favor as a Corporate Treasury Asset Beyond Bitcoin

Key Points

1. BitMine Immersion holds over $1 billion in Ethereum after going public in June, signaling strong conviction in Ethereum's potential.

2. Bit Digital fully converted its treasury from Bitcoin to Ethereum, with its stock increasing 17% this year following the move.

3. Coinbase holds more than $440 million in Ethereum and was the first public company to confirm Ethereum on its balance sheet in 2021.

4. Ethereum's price has surged 60% in the past month, trading near $3,800, though it remains below its 2021 high of over $4,600.

5. WisdomTree and Fidelity filed SEC applications for in-kind ETH and BTC redemptions, allowing investors to redeem shares for the actual cryptocurrencies.

6. The GENIUS Act, signed into law on July 18, regulates stablecoins backed by assets like U.S. dollars, with Circle's USD Coin operating on Ethereum.

7. MicroStrategy continues to focus exclusively on Bitcoin, with no plans to add Ethereum to its balance sheet.