How Tom Lee (@fundstrat) is Preparing For Ethereum’s Future 🔮Fundstrat Global Advisors’ Head of Research Tom Lee, who is chairman of BitMine Immersion Technologies, shares his perspective on Ethereum. He explains how the asset is being leveraged by crypto treasury firms, as well as a growing number of financial institutions. ...

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Core Insights - Leap Therapeutics has transitioned into a crypto treasury firm named Cypherpunk Technologies Inc., focusing on accumulating Zcash's native coin, ZEC [4] - The stock of Leap Therapeutics experienced significant volatility, surging over 550% to an intraday high of $2.48 before trading was halted multiple times [1] - The company secured $58.88 million in a private placement led by Winklevoss Capital, which is associated with the Winklevoss twins, known for their involvement in cryptocurrency [2] Financial Developments - Leap Therapeutics utilized $50 million from the private placement to purchase 203,775.27 ZEC at an average price of $245.37 per coin [5] - Following the investment, the stock resumed trading at $1.85 after the initial volatility [6] Market Context - The involvement of Winklevoss Capital highlights the increasing interest from traditional finance (TradFi) in the cryptocurrency sector [2][4] - The stock's volatility and subsequent trading halts indicate a highly speculative environment surrounding Leap Therapeutics' transformation [1][5]

Biotech firm Propanc lines up $100 million to fund crypto treasury and cancer therapy push https://t.co/x0vTrZbR8D ...

Core Viewpoint - The recent surge in Beyond Meat stock has drawn attention to ETHZilla Corporation, a digital asset treasury previously known as 180 Life Sciences, as a new investment opportunity for retail investors like Dimitri Semenikhin [1][2]. Company Overview - ETHZilla Corporation has transitioned from a biotech firm to a digital asset treasury, aligning with a broader trend among companies pivoting to digital assets to enhance share price growth in a booming crypto market [2]. - The company holds 102.3k ETH valued at approximately $420 million and has $560 million in cash, equating to roughly $62 per share in liquid assets [7]. Investment Thesis - Semenikhin's investment thesis for ETHZilla mirrors his rationale for investing in Beyond Meat, focusing on perceived undervaluation due to misunderstood corporate actions [2][7]. - The company recently announced a 1-for-10 reverse stock split, which typically signals distress but is viewed by Semenikhin as a potentially bullish development [5][6]. Market Context - The digital asset treasury trend has raised concerns among some investors, with estimates indicating that retail investors have lost $17 billion in 2025 chasing the bitcoin treasury trend [3]. - Despite the volatility in the crypto market, Semenikhin remains optimistic about the sector, arguing that such volatility enhances the attractiveness of crypto treasuries [3].

Core Insights - BitMine Immersion Technologies has announced total crypto and cash holdings of $14.2 billion, including 3.31 million ETH tokens and $305 million in unencumbered cash, positioning itself as a leading player in the crypto treasury space [1][2]. Group 1: Company Holdings and Performance - The company's crypto holdings consist of 3,313,069 ETH valued at $4,164 per ETH, 192 Bitcoin, and an $88 million stake in Eightco Holdings, alongside $305 million in cash [2]. - BitMine is recognized as the largest Ethereum treasury globally and the second-largest crypto treasury overall, following Strategy Inc, which holds 640,418 BTC valued at $73 billion [2]. - The company has increased its ETH holdings significantly, acquiring 77,055 ETH tokens recently, which now represent 2.8% of the total ETH supply [2]. Group 2: Market Position and Trading Activity - BitMine is one of the most actively traded stocks in the US, with an average daily trading volume of $1.5 billion, ranking 46th among 5,704 US-listed stocks [3]. - The combined trading volume share of BitMine and MSTR accounts for 88% of all global DAT trading volume, indicating strong market liquidity [4]. Group 3: Strategic Outlook and Industry Context - The easing of US-China trade tensions is expected to positively impact Ethereum and the broader crypto market, potentially increasing trading volumes and open interest [4]. - The company views the GENIUS Act and SEC's Project Crypto as transformative for financial services, akin to the historical shift in 1971 when the USD was taken off the gold standard, suggesting a significant evolution in the investment landscape [2].

Crypto Market Trend - 2025 年可能成为加密货币金库公司之年 [1] - 上市公司持有数十亿美元的比特币、以太坊和 Solana [1] - 这标志着机构采用的新阶段 [1]

Core Insights - SharpLink Gaming has added nearly $79 million in ETH to its holdings, marking its first crypto purchase in over a month, bringing its total ETH holdings to 859,853, valued at over $3.5 billion [1] - The company raised $76.5 million through a stock sale prior to the ETH acquisition, taking advantage of favorable market conditions [1][3] - SharpLink's stock has increased nearly 400% since mid-May, although it has seen a decline of about 13% over the last month [3] Company Strategy - SharpLink transitioned from an online gambling marketing company to a crypto treasury, following a model similar to MicroStrategy's pivot to Bitcoin [4] - The company opted to invest in Ethereum instead of Bitcoin, positioning itself as one of the largest digital asset treasuries [5] - SharpLink's recent capital raise was executed at a premium to NAV, allowing the company to acquire ETH at lower prices than the capital raised [3] Market Context - The price of ETH has experienced volatility, recently standing at $4,098 per coin, up nearly 4% in one day but down about 11% over the last two weeks [2] - SharpLink ranks second among publicly traded Ethereum treasury firms, following BitMine Immersion Technologies, which holds $12 billion worth of ETH [5]

Ripple Backs Crypto Treasury That's Raising Over $1 Billion to Buy XRP► https://t.co/l5LU5NkxQN https://t.co/l5LU5NkxQN ...

Core Insights - Corporate balance sheets now hold approximately 1.04 million BTC, valued at around $117 billion, marking a new record for corporate Bitcoin holdings [2] - The number of public companies holding Bitcoin has increased by 40% from the previous quarter, reaching 172 firms, which collectively added about 193,000 BTC quarter-over-quarter [2] - MicroStrategy leads corporate Bitcoin holdings with approximately 640,031 BTC, followed by Marathon Digital Holdings with 53,250 BTC and XXI with 43,514 BTC [2] Corporate Trends - New entrants such as Bullish and Trump Media are joining the ranks of corporate Bitcoin holders, with holdings of 24,300 BTC and 15,000 BTC respectively [3] - Companies are increasingly viewing Bitcoin not just as a hedge but as a long-term investment in digital assets as a core treasury reserve [3] - The trend of public and private companies increasing their Bitcoin holdings is expected to continue as long as there is demand for their security issuance in the public market [3] Market Implications - The accumulation of Bitcoin by public companies is seen as a factor that could stabilize Bitcoin's price, potentially leading to less volatility in the future [5][6] - As more major players invest in Bitcoin, it may encourage additional companies to follow suit, creating a more permanent demand for the asset [5] - The relationship between Bitcoin and equity-market financing is expected to strengthen, making it easier for CFOs to justify Bitcoin ownership [6]