Ethereum Surges 10% to Break $4,700, Edges Closer to All-Time High
0Ether
Ethereum
Ethereum-focused treasuries now hold $16.4b worth of Ether, reflecting rising institutional accumulation.
Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.
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14 hours ago
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Ether, the native asset of Ethereum, outpaced the broader crypto market on Wednesday, climbing as much as 9.6% to touch $4,700.
The rally leaves the world’s second-largest digital asset just about 4% shy of its record high set in Nov. 2021.
The surge comes as demand from institutional investors and corporate treasuries accelerates. Ethereum-focused treasuries, listed entities that buy and hold the cryptocurrency as part of their core strategy, now collectively hold $16.4b worth of Ether, data from strategicethreserve.xyz shows.
Mohit Kumar, head of markets research at Delta Exchange, said ETH’s rally is being driven by rising optimism toward crypto assets and improving regulatory clarity.
He pointed to a key trigger, BitMine Immersion Technologies’ move to file for an additional $20b in at-the-market equity offerings, lifting its total issuance capacity to $24.5b, including a previous $4.5b authorization.
The firm plans to channel most of the proceeds...
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