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  • 🐳 Daily Edition: ETH Nears $4k as New BNB, SUI Treasury Co's Launch

🐳 Daily Edition: ETH Nears $4k as New BNB, SUI Treasury Co's Launch

The jury is still out on how successful this new wave of Crypto Treasury Companies will be, is it a ticking time-bomb or the start of something real?

After hitting $3,950 on its run back to $4k earlier today, Ethereum has retreated back to the $3,800 level as Bitcoin continues to trade in its new range between $115k and $120k. The conversation still revolves around the longevity of this new batch of “Crypto Treasury Companies” especially considering the launch of two more today focusing on altcoins BNB and SUI, adding more to the list of 20 public companies who announced crypto strategies just last week. After years of people calling Michael Saylor crazy, we’re now seeing many billions in capital going towards trying to replicate his success with Strategy (formerly MicroStrategy) — and in far riskier digital assets than Bitcoin, which is saying something. SUI now trades down over 10% today despite what should be perceived as “bullish” news for the blockchain, after a significant run up in the last several weeks prompting some to believe this news was frontrun, a trend that has become unfortunately fairly common in this industry.

24 Hour Crypto Heatmap, Source: CoinMarketCap

The SEC also opted to delay their decision on Trump’s Truth Social filings for a Bitcoin ETF, with a new deadline set for September 18th. While they certainly aren’t the only filing in that boat, it does potentially represent one of the first times the SEC can meaningfully push back against his rapidly-expanding business endeavors in crypto. From NFT’s to memecoins to RWA’s, it really seems like he’s trying to check all the boxes for crypto companies and it’s been crazy to watch from the outside. If our goal is meaningful, beneficial regulation for this industry (which I believe is imperative for its longevity), we can’t have the people making the rules breaking them.

Honestly, lots of crypto companies could benefit from this advice

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Will McKinnon is the Head of Content for Beluga and has spent every day for many years trading coins. For that reason there are too many to name, however his largest holdings by a significant margin are Ethereum and Bitcoin. NFA DYOR