Ethereum treasury company SharpLink has purchased an additional 56,533 Ethereum (ETH) tokens, according to a Tuesday announcement.
The company now holds a total of $3.7 billion worth of ETH following the latter purchase.
Bitmine remains in first spot
SharpLink Gaming, which is spearheaded by Consensys CEO Joseph Lubin, is currently the largest corporate holder of ETH.
Tom Lee's BitMine Immersion Technologies actually comes in first place with its total holdings reaching $7.7 billion. It is worth noting that Bitmine intends to hold 5% of the entire existing supply of ETH, which would be roughy $27 billion at current prices.
Coinbase, Bit Digital, and ETHZilla are also in the top five by total ETH holdings.
Ethereum's recovery
This strong corporate adoption is likely the main reason why Ethereum (ETH) has recovered relatively fast.
According to CoinGecko data, the flagship altcoin is currently trading at $4,518 after plunging to the $4,300 level earlier today.
In fact, according to Matthew Sigel, head of digital assets at VanEck, this is the first time since 2021 that Bitcoin has hit a 10% drawdown while Ethereum hasn't. Both assets would underperform over the next month.
"A bearish flag for crypto overall: ETH cushions short-term, but both tend to roll over," Sigel said while commenting on the latest market anomaly.
More institutional adoption
According to the Chicago-based trading behemoth CME Group, the "institutional race" for Ether is now officially on.
As reported by U.Today, open interest in the exchange giants Ether suit recently logged $10.5 billion, which is a new record.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team