Corporações Construíram 95% de Seus Tesouros em ETH Apenas no Terceiro Trimestre
ETH se torna o ativo preferido dos tesouros corporativos enquanto empresas acumulam posições massivas.
Acumulação Estratégica
Empresas globais estão realocando reservas para Ethereum em ritmo acelerado - 95% de todas as aquisições de tesouro ocorreram entre julho e setembro. O movimento sinaliza uma mudança fundamental na forma como corporações encaram reservas de valor.
Fuga do Tradicional
Enquanto tesoureiros tradicionais ainda debatem alocações de 1-2% em Bitcoin, empresas visionárias estão indo além. Ethereum oferece não apenas proteção contra inflação, mas uma plataforma completa para finanças descentralizadas.
Os números não mentem: 95% de todo o ETH em tesouros corporativos foi adquirido em apenas três meses. Isso enquanto bancos centrais continuam imprimindo moedas como se não houvesse amanhã - porque para alguns deles, realmente não há.
Public companies slow down ETH acquisition
Public companies now hold 5.9M ETH, and have shown signs that the initial exponential buying is slowing down.
Public companies slowed down their ETH buying, with BitMine (BMNR) remaining the leading buyer. | Source: Strategic ETH Reserve.
One of the latest big purchases was from BitMine Immersion Tech (BMNR), the current leader with a goal of owning 5% of the ETH supply. BMNR added another 202K ETH on October 11, and the space has been silent since then.
The latest round of market turbulence, which put ETH just above $4,000, also added to the overall slowdown in treasury-building, as the crypto market showed signs of caution.
The DAT companies bought up seven times more ETH compared to the new tokens issued for that period. The buying added to the overall accumulation and supply crunch. In total, 14 public companies emerged with ETH treasuries, each using a ‘playbook’ to boost its ability to raise funds.
Unlike BTC treasury companies, almost no entities are buying ETH just for exposure. Additionally, some of the treasuries come from old ICO reserves, as the companies are keeping their ETH.
Only three ETH treasury companies trade above asset value
Ethereum DAT companies traded only briefly at multiples of their net asset value. The mNAV metric fell for most of the companies, as only three are trading above 1.0 ratio.
BMNR is one of the most active buyers, as most other entities stopped their ETH acquisitions in September. | Source: Strategic ETH Reserve.
BMNR recovered to a ratio of 1.16, BTBT is at 2.0, and GAME has a ratio of 1.05. Most treasury companies have also stopped their common stock issuance after the initial round of expansion, as the playbook has become riskier.
The coming months will show how sustainable the DAT strategy is, and if other buyers will join BMNR with more regular purchases. One of the bids of Ethereum DAT companies is the possibility of passive income through staking or even liquid staking.
Ethereum has also shown peak on-chain activity and usage for transferring stablecoins. DAT companies bet on long-term developments and a cross-over between institutional finance and on-chain transfers. For now, Ethereum is also showing signs of becoming the main network for financial operations, outcompeting Solana and other chains.
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