Ethereum (ETH-USD) climbed to near record levels on Wednesday, as Wall Street's bullish sentiment toward the cryptocurrency continues to intensify.

The world's second-largest cryptocurrency by market capitalization gained as much as 6%, with each token breaking above $4,680, approaching its 2021 all-time high.

"We have said multiple times that we believe Ethereum is the biggest macro trade for the next 10 to 15 years," wrote Tom Lee, Fundstrat's head of research, in a Wednesday report.

Lee noted that most Wall Street cryptocurrency projects and stablecoins - digital tokens backed by assets such as the U.S. dollar - are built on Ethereum's infrastructure.

Ethereum's native token Ether has surged more than 50% since the GENIUS Act, which establishes a regulatory framework for the stablecoin industry, officially became law last month.

Additionally, the Securities and Exchange Commission's recently announced "crypto program" - an initiative aimed at modernizing institutions and establishing clear regulatory rules for the digital asset industry - has also contributed to Ethereum's rally.

Fundstrat projects Ethereum could reach $15,000 by year-end.

Over the past five trading sessions, Ether has climbed 16%, while Bitcoin (BTC-USD) gained 4%.

Companies are increasingly raising funds to add Ethereum to their balance sheets, similar to MicroStrategy's (MSTR) approach of incorporating Bitcoin into corporate treasuries.

Spencer Hallarn, global head of over-the-counter trading at cryptocurrency platform GSR, said such digital asset treasury companies' capital inflows into Ethereum have supported its price appreciation.

He added: "This positive price momentum further enhances investor enthusiasm and capital inflows into the sector."

For example, BitMine Immersion Technologies (BMNR), chaired by Fundstrat's Tom Lee, announced Tuesday plans to sell up to $20 billion worth of additional shares to increase its Ethereum holdings.

The company aims to eventually acquire 5% of the world's circulating Ether supply. BitMine's stock has risen approximately 80% over the past five trading days.

Meanwhile, gaming and sports betting company SharpLink Gaming (SBET) and blockchain technology firm BTCS (BTCS) are also adopting similar strategies, with both stocks gaining 8% over the past five trading sessions.