Monster week for crypto treasury firms with $8B buying blitz
Main Idea
Crypto treasury firms have engaged in a significant buying spree, purchasing over $7.8 billion worth of cryptocurrencies, with Ether and altcoins being particularly popular, while Bitcoin remains a major holding among these firms.
Key Points
1. Crypto treasury firms have allocated or used $7.8 billion to buy cryptocurrencies, with Ether being the most popular at $3 billion worth of ETH purchased.
2. Sharplink Gaming, the second-largest Ethereum treasury firm, bought $338 million worth of ETH in two separate transactions.
3. Two new Ether-focused companies emerged this week: ETHZilla Corporation ($425 million deal) and FG Nexus ($200 million deal).
4. Altcoins also saw significant interest, with Tron planning to raise $1 billion for its token, and other companies targeting Solana, Sui, or BNB.
5. Crypto treasury firms collectively hold over $100 billion in crypto, with $93 billion in Bitcoin, but face risks such as market downturns and structural fragility due to crowded trades.
Description
Cointelegraph analyzed 16 company statements made this week and found a whopping $7.8 billion has been earmarked or used to buy crypto.
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