Ethereum (ETH), the second-largest cryptocurrency, was not chosen randomly by Fundstrat's Tom Lee as a cornerstone of his crypto strategy. Adriano Feria, seasoned Ethereum (ETH) researcher, explains the motivation behind the $8.8 billion strategy of Bitmine Immersion.
Ethereum (ETH) became the basic asset in Bitmine's crypto strategy because of its status as default choice for stablecoins, tokenization and DeFi, researcher Adriano Feria pointed out on X. As such, the decision to go with Ethereum (ETH) was not a random pick for the finance heavyweight.
Bitmine's initiative gained steam because Ethereum (ETH) morphed into a multi-purpose "Internet of Finance," and TradFi moguls are seeking opportunities to benefit from it without holding cryptocurrency physically.
Products like BMNR are therefore a leveraged proxy for accumulation available for billionaires — and Fundstrat is far from being alone in this segment, Feria opines:
ETH treasuries are not just DATs. Look at who is representing them, and who is allocating serious capital.
The researcher stressed that the corporate cryptocurrency treasuries are no longer about "BTC game," as Ethereum's "Internet of Finance" is in focus now. Also, Ethereum (ETH) is one of the best-performing assets in recent decades available to institutions.
Feria stressed that Ethereum (ETH) accomplished all of this in terms of technology and finance despite being attacked by "no-coiners" and insiders for the entire decade.
As such, Ethereum (ETH) evolved into a better Store of Value in the 10-year perspective compared to Bitcoin (BTC) and other altcoins.
Helmed by Fundstrat's Tom Lee, Bitmine Immersion is one of the most influential corporate crypto treasury companies in the world.
Over the last week, it accumulated $2.2 billion in ETH pushing the net total value of treasury over $8.8 billion. Bitmine and some its rivals now hold more ETH than Ethereum Foundation.
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