Bullish indicating open at $55-$60, IPO prices at $37
Investing.com-- Ether surged to near record highs on Wednesday amid a flurry of buying as corporate entities began stockpiling the world no.2 crypto in a manner similar to Bitcoin.
Ether rose as much as 8.5% to $4,683.0, coming within spitting distance of a $4,861 record high hit in November 2021.
Several U.S.-listed companies outlined plans to increase their Ether holdings this week, amid growing adoption of a Bitcoin buying strategy popularized by Michael Saylor’s MicroStrategy Incorporated (NASDAQ:MSTR).
Microstrategy (now Strategy), the world’s biggest corporate Bitcoin holder, raised billions through share issuances, which it used largely to fund its Bitcoin purchases in the last two years.
The company’s shares surged nearly threefold in the past year, as investors sought exposure to Bitcoin through Strategy’s shares, which have largely rallied in tandem with Bitcoin prices.
The company’s buying of Bitcoin, in turn fueled a price surge in the crypto, while also drawing in a slew of companies attempting to replicate its strategy and success. Companies now appear to be attempting a similar strategy with Ether.
World no.1 corporate Ether holder Bitmine Immersion Technologies Inc (NYSE:BMNR) disclosed on Monday that it held over 1.15 million tokens valued at a total $4.9 billion.
The company also recently outlined plans to raise an unprecedented $24.5 billion in capital, which it intends to deploy largely towards buying Bitcoin.
Ether treasury firm Sharplink Gaming Ltd (NASDAQ:SBET), announced on Monday that it had raised $400 million which it aims to use to buy more Ether. The company disclosed that it holds about 598,800 tokens.
Billionaire tech investor Peter Thiel this week disclosed a 7.5% stake in 180 Life Sciences Corp (NASDAQ:ATNF) this week. The company is in the process of rebranding itself as an Ether treasury ETHZilla. Thiel’s disclosure saw 180’s shares rally over threefold on Tuesday.
180 also disclosed that it holds about 82,186 Ether tokens.
The increased hoarding saw Ether clock stellar gains in the past week, with the crypto now overtaking Bitcoin in year-to-date performance. Ether is trading up 39.4% so far in 2025, while Bitcoin is up 27.9%