Corporate crypto reserves are gaining in popularity. While companies used to bet on the “blue-chips” such as Bitcoin and Ethereum in the past, now they form treasuries that include more exotic assets like AI tokens or meme coins.
Ether Accumulation by Public Companies
Arkham Intelligence analysts report that SharpLink Gaming, a Nasdaq listed company, has purchased 18,712 Ethereum via Galaxy Digital as well as 14,180 via Coinbase Prime.
Strategic ETH Reserve reported that SharpLink manages over 280,000 ETH tokens worth $1 billion.
Lookonchain reports that the company purchased 515 million dollars worth of 144,501 Ethereum in just the past nine days.
The publicly-traded SharpLink, which is a nonprofit organization, was beaten by the Ethereum Foundation on July 16 in terms of its ether reserves.
Ethereum: Another $5 Billion?
SharpLink’s prospectus was updated on July 17 to reflect an increase in the number of shares that are available for purchase. The total has increased from $1 billion up to $6 billion.
SharpLink already has $721 million in securities sold. Under the old prospectus, the company could raise an additional $279 million and under the new prospectus $5 billion. The funds will be used to purchase more Ethereum.
SharpLink initially focused its efforts on gambling and marketing software. SharpLink received $425m in June from ConsenSys. The company is backed by Ethereum founder Joseph Lubin. Joseph Lubin became the chairman of SharpLink’s board.
SharpLink decided then to follow ConsenSys’s strategy but to switch its bets to ether. Similar steps are being taken by other publicly-traded firms. The Nasdaq listed mining company Bit Digital had announced earlier that it raised $67.3 millions to buy Ethereum.
The crypto-miner purchased 19,683 ETH on July 18 with the funds.
Build Low Liquidity Treasuries
TAO Synergies Inc. is another Nasdaq listed company that has invested heavily in Bittensor. The firm bought 29,899 tokens worth $10 million on July 18 to create a cryptocurrency treasure. A press release stated that the average Where To Buy purchase was $415.
TAO Synergies has staked all of these assets onto the Bittensor Platform, which offers rewards to users who train in artificial intelligence. Joshua Silverman, the executive chairman of TAO Synergies said that his company will continue to buy tokens from TAO.
He added, “We think TAO’s growth will be accelerated as AI decentralization continues to evolve and it takes a larger share of the overall expenditure on AI enabled technologies.”
The native token of Bittensor did not respond to the announcement. TradingView reported that TAO traded at $417 as of the writing.
Memes can be fun!
Bit Origin, a mining infrastructure company, announced that it had secured $500 million in investment for Dogecoin. The company aims to establish one of the world’s first corporate treasurers based on memecoin, the oldest.
In a recent press release Bit Origin announced that it had entered into agreements with accredited investors for the sale of $400 million worth of shares, and the issuance $100 million convertible bonds. The first $15 million tranche has been closed by the company.
What started out as a joke, has now evolved into an asset that is globally liquid and offers payments. Doge is a digital asset that has a high settlement rate and incredibly large community. This continues to be a driving force in online payments, peer-to-peer transactions and other forms of commerce.
Bit Origin will develop payment solutions for Dogecoin miners and work on other Dogecoin projects.
CoinGecko reports that DOGE is up more than 16 percent in the last 24 hours. The meme coin was trading for $0.25 at the time this article was written.
Dogecoin was also included in the investment strategy of Neptune Digital Assets, a Canadian firm. Dogecoin Cash Inc. made a similar move, having previously worked in the cannabis sector.
