🐳 Daily Edition: ETH Hits 3 Year Highs as Bitmine buys $2B in a Week

After reaching a 3.5 year high this past weekend of over $4,300 Ethereum has settled out around the $4,200 mark as ETH spot ETF volume reaches $2.5B in the last 24 hours. The “Treasury Company” meta is still going strong despite falling premiums with Tom Lee’s Bitmine officially reaching over 1 million ETH held — for context on how quickly their stash is growing, they had 833k ETH last Monday. That’s $2B in ETH added in just one week… and they don’t appear to be slowing down on the way to their 5M ETH goal (about $21B at current valuations) despite rising prices. As we’ve seen with Bitcoin, the combination of Treasury Co’s and strong ETF inflows is extremely powerful.

The Treasury meta continues to expand beyond Bitcoin and Ethereum as both Trump-backed World Liberty Finance and memecoin Bonk announced the launch of treasury vehicles today; as Bonk currently trades down 13% from its weekend peak, however, it seems market appetite for these is waning. Many of us crypto natives have been scratching our heads wondering who is still buying new treasury launches, especially for altcoins, as the common structure has been to sell shares ATM to finance buying the chosen cryptocurrency. This of course results in dilution to the shareholder base, all in the name of increasing the NAV per share, which in this case means more coins per share. Prior to the existence of ETFs which make crypto easily tradable on most popular brokerages, this made more sense as a way for the public to access markets they couldn’t otherwise. Now, however, they just feel like a way to pump the coins with retail often ending up on the losing side.

It appears crypto traders have found alternative asset classes to mess around in

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Ethereum surges past $4,000 as crypto market soars to all-time high over $4 trillion

Alt Coins and Stocks

• Fintech giant Strip building ‘Tempo’ blockchain with crypto VC Paradigm

• Treasury for Trump-backed World Liberty to raise $1.5B for WLFI buys

• Uniswap Foundation eyes protocol fees with with proposed Wyoming DUNA wrapper for its DAO

Regulatory

• Warren warns crypto regulation ‘supercharges President Trump’s corruption’